Illinois Administrative Code

Section 355.403 Employer-Assisted Housing Projects An Agency may make Allocations for Employer-Assisted Housing Projects. $2,000,000 of the Affordable Housing Tax Credit Ceiling for a State fiscal year shall be reserved for Employer-Assisted Housing Projects. Of this ceiling, 24.…

Section 355.404 Recapture Agreement Each Household receiving assistance or a subsidy under a Single Family Project or Employer-Assisted Housing Project in connection with the purchase of a Single Family Residence shall execute a Recapture Agreement for the benefit of the Sponsor.…

Section 355.405 Multifamily Housing Projects An Agency may make Allocations for Multifamily Housing Projects that involve the construction or rehabilitation of multifamily rental housing buildings.

Section 355.406 Set-Aside for Technical Assistance and General Operating Support $1,000,000 of the Affordable Housing Tax Credit Ceiling for a State fiscal year shall be reserved for Technical Assistance and General Operating Support. Of this ceiling, 24.5% shall be available for…

Section 355.407 Limitations on Amount of Technical Assistance and General Operating Support No Affordable Housing Project shall receive Affordable Housing Tax Credits for Technical Assistance and General Operating Support for the Sponsor of the Affordable Housing Project in an am…

Section 355.408 Technical Assistance – Home Ownership Counseling An Agency may allocate Affordable Housing Tax Credits for Technical Assistance for Donations to entities that provide home ownership counseling services. The Allocations may be in connection with the purchase of a S…

Section 355.501 Compliance Monitoring The allocating Agency will annually monitor the compliance of each Project. (Source: Amended at 34 Ill. Reg. 15822, effective September 28, 2010)

Section 355.502 Monitoring Fees An Agency may assess an annual fee for compliance monitoring of Projects. If an Agency decides to charge such a fee, the amount of such fee shall be established on July 1 of the year in which such decision is made. An Agency may redetermine the amo…

Section 355.503 Books and Records The books and records of each Sponsor and each Project shall be subject to inspection, examination and copying by the allocating Agency and its authorized representatives or agents at such times as the allocating Agency reasonably requires for th…

Section 355.504 Furnishing Information Each Sponsor shall furnish such information and operating reports as the allocating Agency shall require in connection with the monitoring of the Sponsor and the Sponsor's Project for compliance with Section 7.28 and this Part. (Source: Amen…

Section 355.601 Agency Reports Each Agency shall submit quarterly reports to the Authority setting forth the Agency's activities under the Program for that quarter. The report shall include the following information: a) the amount of Affordable Housing Tax Credits reserved or all…

Section 360.1001 Standards All Developments receiving assistance from the Trust Fund for construction and rehabilitation shall comply with the provisions of 47 Ill. Adm. Code 310. Subpart I. SUBPART K: CERTIFICATIONS

Section 360.101 Authority This Part is authorized by and made pursuant to the Illinois Affordable Housing Act [310 ILCS 65] and shall govern the Program. (Source: Amended at 18 Ill. Reg. 8663, effective May 25, 1994)

Section 360.102 Purpose and Objectives This Part is established to accomplish the general purposes of the Affordable Housing Act and in particular the making of grants, mortgages or other loans to acquire, construct, rehabilitate, develop, operate, insure and retain affordable Si…

Section 360.103 Definitions As used in this Part, the following words or terms mean: "Act": The Illinois Housing Development Act [20 ILCS 3805]. "Advisory Commission": The Affordable Housing Advisory Commission. "Affordable Housing": Residential housing that, so long as the same …

Section 360.104 Borrowing by the Authority To the extent allowed by the Act and the Affordable Housing Act, the Authority may borrow funds in connection with the Program. (Source: Amended at 18 Ill. Reg. 8663, effective May 25, 1994)

Section 360.105 Compliance with Federal Law Notwithstanding anything herein to the contrary, this Part shall be construed in conformity and compliance with applicable Federal law.

Section 360.106 Standards − Criteria In administering the Program, the Authority and the Staff shall, in the exercise of discretion, consider, in addition to the criteria specifically set forth in this Part; a) the purposes of the Program to provide affordable, decent, safe and s…

Section 360.107 Forms and Procedures for the Program The Staff may prepare, use, supplement, and amend such forms, agreements, and other documents and such procedures as may be necessary to implement the Program, all as may be prescribed by the Director.

Section 360.108 Fees and Charges of the Authority In connection with the Program, the Authority may establish and collect such fees and charges as may be necessary. Such fees and charges shall be deposited in the Trust Fund.

Section 360.109 Waiver (Repealed) (Source: Repealed at 22 Ill. Reg. 4321, effective February 4, 1998)

Section 360.110 Amendment This Part may be supplemented, amended, or repealed by the Members, after consultation with the Advisory Commission, from time to time and in such manner as they may determine consistent with this Part, the Act, the Affordable Housing Act and other appli…

Section 360.1101 Environmental Assessment Prior to the making of a Loan or Grant under the Program, the Authority may require the Applicant to conduct or authorize the Authority to cause to be conducted on the Applicant's behalf a Phase I environmental assessment review, certifie…

Section 360.1102 Other Laws All Developments receiving assistance from the Trust Fund for construction and rehabilitation shall comply with the provisions of the Environmental Barriers Act [410 ILCS 25], the Illinois Accessibility Code (71 Ill. Adm. Code 400), the Americans with …

Section 360.111 Severability If any clause, sentence, paragraph, subsection, section, or subpart of this Part be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder thereof, but shall be confined in it…

Section 360.112 Gender and Number All terms used in any one gender or number shall be construed to include any other gender or number as the context may require.

Section 360.113 Titles and Captions Titles and captions of subparts, sections, and subsections are used for convenience and reference and are not a part of the text.

Section 360.114 Calendar Days Days shall mean calendar days. Due dates falling on a Saturday, Sunday, or a legal State or Federal holiday shall be deemed to fall on the next calendar day that is not a Saturday, Sunday, or a legal State or Federal holiday. (Source: Amended at 18 I…

Section 360.201 Recipients Only entities that are Recipients are eligible to receive funds under the Program. (Source: Amended at 18 Ill. Reg. 8663, effective May 25, 1994)

Section 360.202 Beneficiaries Funds from the Trust Fund may be expended for the benefit of Low Income Households and Very Low Income Households. The majority of funds appropriated by the Illinois General Assembly to the Trust Fund for each fiscal year shall be expended for the be…

Section 360.203 Permitted Uses of Trust Fund Monies Trust Fund Monies may be used for the following purposes: a) to make secured, unsecured or deferred repayment Loans; b) to make zero percent or low interest Loans; c) to make Grants, payments or subsidies for the acquisition, co…

Section 360.204 Market Rate Developments Pursuant to Section 10(d) of the Affordable Housing Act the Authority may provide assistance for Developments which are to be occupied partly by Low-Income Households or Very Low-Income Households provided that the number of units to be oc…

Section 360.301 Application Applicants seeking monies from the Trust Fund shall submit to the Authority a completed application form prescribed by the Authority together with a nonrefundable application fee. The application fee for for-profit Applicants shall be $500. The applica…

Section 360.302 Form The Authority shall develop an application form to be used by all Applicants. (Source: Amended at 15 Ill. Reg. 17088, effective November 19, 1991)

Section 360.303 Review Upon receipt of a completed application the Staff shall determine whether the application meets the eligibility requirements of Subpart B of this Part; and, whether all other requirements of this Part and the Affordable Housing Act are met. If the Staff det…

Section 360.304 Initial Contact If the Authority determines that the application meets the requirements of this Part and the Affordable Housing Act, the Staff shall contact the Applicant to discuss what additional information, if any, is required in order to allow Staff to make a…

Section 360.305 Site and Market Study/Rental Analysis The Authority may conduct a site and market study when the Applicant seeks funds for new construction. The Authority shall conduct a site and market study or rental analysis when the Applicant's proposed rent structure is not …

Section 360.306 Feasibility Determination (Repealed) (Source: Repealed at 15 Ill. Reg. 17088, effective November 19, 1991)

Section 360.307 Staff Recommendation After reviewing the application, the Staff shall prepare a recommendation for presentation to the Advisory Commission. The Staff shall inform the Advisory Commission, as to each application, whether an application is being recommended for fund…

Section 360.308 Advisory Commission The Staff will present its recommendation on each application to the Advisory Commission, together with a summary of the application and any other information provided by Staff in response to the Advisory Commission's requests. (Source: Amended…

Section 360.309 Authority Determination The Staff shall present all positive recommendations for funding of the Advisory Commission to the Members. Monies from the Trust Fund can only be allocated pursuant to resolution by the Members. (Source: Amended at 18 Ill. Reg. 8663, effec…

Section 360.310 Conditional Commitment After approval of an application by the Members, the Staff shall prepare and deliver to the Applicant a conditional commitment which contains the Authority's commitment to allocate Trust Fund Monies conditioned upon the Applicants meeting th…

Section 360.401 Notification by Authority a) Notice of Allocation Prior to the presentation of an application to the Members, the Authority shall give written notice of the proposed allocation to the following persons and agencies: 1) the chairman of the county board of the count…

Section 360.402 Comments and Responses a) Comments The persons and agencies receiving notice pursuant to Section 360.401 shall have 30 days from the date of mailing to submit written comments to the Applicant. b) Applicant's Response The Applicant shall respond in writing to all …

Section 360.501 Eligible Applicants (Repealed) (Source: Repealed at 18 Ill. Reg. 8663, effective May 25, 1994)

Section 360.502 Land Trusts Whenever title to the Real Estate is held in an Illinois land trust, the agreement creating the Trust and establishing the respective rights, powers, and duties of the Trustee and Recipient shall be in a format approved by the Authority. The Authority …

Section 360.503 Books and Records The books and records of the Development and the Recipient shall be subject to inspection, examination, and copying by the Authority and its authorized representatives or agents at such times as the Authority reasonably requires for the purpose o…