Illinois Administrative Code

Section 365.304 Authority Determination The Staff shall present to the Members all positive recommendations for Loans under the Program along with the recommendations therefor from the Advisory Commission. The proceeds of Bonds or Notes used to make Loans can only be allocated to…

Section 365.305 Conditional Commitment After approval of an Application by the Members, the Staff shall prepare and deliver to the Applicant a conditional commitment that commits the Authority to make a Loan expressly conditioned upon and subject to the Applicant's meeting all of…

Section 365.401 Applicability and Purpose of Notification a) Purpose The purpose of this Subpart is to set forth requirements for notifying certain persons and agencies when an Applicant proposes to acquire, construct, rehabilitate, finance, or refinance a Development in their di…

Section 365.402 Notification by Authority a) Notice of Development Before the Staff submits to the Members the Staff's recommendation that the Authority should issue a conditional commitment to make a Loan to fund a Development, the Authority shall give written notice of the prop…

Section 365.403 Comments and Responses a) Comments The persons and agencies receiving notice of a proposed Development pursuant to Section 365.402 of this Part shall have 30 days from the date of mailing to submit written comments to the Applicant. b) Applicant's Responses The Ap…

Section 365.404 Compilation of Comments and Responses a) Documents The Applicant shall submit to the Authority the following documents within ten (10) days after expiration of the notice period described in Section 365.403(a) of this Part: 1) a copy of every written comment pursu…

Section 365.405 Hearings The Applicant shall provide written notice to the Authority of any public meeting or adjudicatory hearing which may be held in connection with the proposed Development. The Applicant shall mail such notice to the Authority within 2 days after receiving no…

Section 365.501 Eligible Mortgagors The Authority may make Loans under the Program to Eligible Mortgagors. The Owner of a Development shall at all times be an Eligible Mortgagor. If the Authority learns that an Owner is not or has ceased to be an Eligible Mortgagor, then the Auth…

Section 365.502 Organizational Documents To qualify and maintain the Owner as a Limited-Profit Entity or Nonprofit Corporation as defined in the Act and this Part, to qualify and maintain the Trustee or the Owner, as the case may be, as Eligible Mortgagors as defined in this Part…

Section 365.503 Books and Records The books and records of the Development and the Owner shall be prepared and maintained in accordance with Authority requirements and shall be subject to inspection, examination, and copying by the Authority and its authorized representatives or …

Section 365.504 Audits Any Development offices, architectural plans and specifications, apparatuses, devices, books and records, contracts, documents, and other papers relating thereto of the Development and the Owner shall at all times be maintained in reasonable condition for p…

Section 365.505 Annual Financial Report Within the time period prescribed by the Authority after the end of the Development's fiscal year, the Owner shall provide to the Authority a complete annual financial report based upon the books and records of the Development and the Owner…

Section 365.506 Furnishing Information The Owner shall furnish such reports, projections, certifications, analyses, budgets, operating reports and tax returns as are required by the Authority or by applicable Federal or State statutes, regulations or subsidy or assistance program…

Section 365.507 Standards for Approval of Conveyance In determining whether to approve and/or impose restrictions on the conveyance, assignment, leasing, mortgaging, pledging or other transfer of the Development, and the beneficial interest in and power of direction over the Trus…

Section 365.508 Purchase of Authority Bonds and Notes No Owner, including any "related person," as defined in Section 147 of the Internal Revenue Code of 1986, 26 I.R.C. 147 (1992), as amended from time to time, shall pursuant to any arrangement, formal or informal, direct or ind…

Section 365.601 Maximum Loan Amount for Developments a) Establishing Amount. The maximum Loan amount shall be an amount which can be repaid out of the Development's expected net operating income after deductions for operating expenses, reserves and escrows, as determined by the A…

Section 365.602 Maturity of Loans The maximum maturity of a Loan to be made by the Authority for permanent financing of multi-family rental housing under this Program shall not exceed 40 years and may be shorter at the sole discretion of the Authority. In determining the term of …

Section 365.603 Recapture of Assistance Within each set of Loan documents the Authority shall establish requirements regarding use, occupancy and rent levels as required by the Act, the Affordable Housing Act and this Part. If the Owner violates any of the provisions of the agree…

Section 365.604 Prepayment of Loan The Authority may prohibit the prepayment of a Loan when, in the Authority's determination, such prepayment will diminish the supply of Affordable Housing as contemplated by the Act and the Affordable Housing Act, or when the Bonds or Notes issu…

Section 365.701 Statutory Authorization Establishing Rate of Return Pursuant to Section 8 of the Act, the Authority is required to establish Equity at the time of final disbursement of Loan proceeds. It is the purpose of this Subpart to set the criteria by which a permitted rate …

Section 365.702 Equity and Distributions a) Right to Distributions. An Owner may have the right, commencing as provided in subsection (b) below, to make annual Distributions following the completion of a Development's fiscal year in an amount not to exceed a sum equal to the prod…

Section 365.703 Development Funds and Property All Development Funds received by an Owner or its agent shall be deposited to and maintained, as the Authority directs, in appropriate accounts with the Authority, or in a Federally insured bank or savings and loan association or oth…

Section 365.704 Reserve Fund for Replacements The Owner of a Development shall set aside out of gross Development income and shall deposit with the Authority such sums as the Authority shall specify or applicable Federal statutes, regulations, or agreements required to be deposit…

Section 365.801 Design and Construction Standards Developments financed by Loans under the Program shall be designed and constructed or rehabilitated to conform with applicable Federal, State, and local statutes, regulations, ordinances, standards, and codes, with industry practi…

Section 365.901 Standards All Developments receiving assistance from the Program for construction and rehabilitation shall comply with the provisions of 47 Ill. Adm. Code 310. Subpart I. Any waiver of such provisions shall be made in accordance with Section 310.913 of this Part. …

Section 366.101 Authority These rules are authorized by and made pursuant to the Illinois Housing Development Act (the "Act") [20 ILCS 3805], the Illinois Affordable Housing Act [310 ILCS 65] (the "Affordable Housing Act") and Public Act 88-0093 and shall govern Program.

Section 366.102 Purposes and Objectives These rules are established to accomplish the general purposes of the Act and the Affordable Housing Act, and in particular the purchasing and making of loans in accordance with the Illinois Housing Development Authority's Affordable Housin…

Section 366.103 Definitions As used in this Part, the following words or terms mean: "Act": The Illinois Housing Development Act [20 ILCS 3805]. "Advisory Commission": The Illinois Affordable Housing Advisory Commission, established by and pursuant to Section 6(a) of the Affordab…

Section 366.104 Borrowing by the Authority To the extent allowed by State law, the Act and the Affordable Housing Act, the Authority may borrow funds with which to purchase Loans or incur other obligations under the Program.

Section 366.105 Standards In administering the Program, the Authority and the Staff, in those instances permitting the exercise of discretion, shall consider, in addition to the criteria specifically set forth in this Part, the following factors: a) the purpose of the Program; b)…

Section 366.106 Forms and Procedures for the Program The Staff may prepare, use, supplement, and amend such forms, agreements, and other documentation and such procedures as may be necessary to implement the Program, all as may be prescribed by the Director, or, in the Director's…

Section 366.107 Fees and Charges of the Authority The Authority may establish and collect a Commitment Fee from each HomeBuilder executing a HomeBuilder Participation Agreement in an amount not to exceed three percent (3%) of such HomeBuilder's Reservation. The Authority shall re…

Section 366.108 Waiver By Resolution, the Members may authorize the waiver or variance of particular provisions of this Part to conform to changes in the requirements of applicable State law. Upon the adoption of such a Resolution, the Authority shall submit a rulemaking that ref…

Section 366.109 Amendment This Part may be supplemented, amended, or repealed by the Members from time to time in accordance with the Illinois Administrative Procedure Act and in such manner as they may determine, consistent with the Rules, the Act, the Affordable Housing Act, th…

Section 366.110 Severability If any clause, sentence, paragraph, subsection, Section, or Subpart of this Part shall 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…

Section 366.111 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 366.112 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 366.113 Calendar Days Days shall mean calendar days. Due dates falling on a Saturday, Sunday or legal State or federal holiday shall be deemed to fall on the next calendar day that is not a Saturday, Sunday, or legal State or federal holiday. SUBPART B: APPROVAL OF SINGLE…

Section 366.201 Establishment of Single Family Program From time to time, the Authority may establish a Single Family Program. Any such Single Family Program may contain provisions for the purchase of Loans on Qualified Dwellings to be constructed by HomeBuilders selected pursuan…

Section 366.202 Staff Recommendation to the Advisory Commission For each proposed Single Family Program, the Staff shall prepare and present to the Advisory Commission a report for the Advisory Commission's recommendation.

Section 366.203 Authority Determination The Staff shall present to the Members all recommendations from the Advisory Commission for Single Family Programs. The Authority may use the proceeds of Bonds or Notes for the purchase of Loans under a Single Family Program only upon appro…

Section 366.301 Invitations to Sell Loans Upon approval of a Single Family Program by the Members, the Authority may send application materials to potential Lenders inviting them to submit to the Authority applications to participate in a Series Program. Lenders wishing to partic…

Section 366.302 Notice of Acceptance The Authority, by Notice of Acceptance, may commit itself, subject to the conditions set forth in the Lender Application and the Mortgage Purchase Agreement, to purchase Loans, as offered by a potential Lender in its Lender Application. Immedi…

Section 366.303 Commitments for Loans Upon the date indicated on the Notice of Acceptance, the Lender may begin to issue commitments to Eligible Borrowers to make Loans. The Lender may continue to issue firm commitments for the period set forth in the Notice of Acceptance. All Lo…

Section 366.401 HomeBuilder Invitations Upon approval by the Members of a Single Family Program containing provisions for the purchase of Loans on Qualified Dwellings to be constructed by HomeBuilders, the Authority may send application materials to potential HomeBuilders invitin…

Section 366.402 Reservation of Funds for Construction of Qualified Dwellings The Authority may make Reservations for prospective HomeBuilders from which the Authority has received timely HomeBuilder Participation Agreements and Commitment Fees (if required). In making such Reserv…

Section 366.403 Notice of Reservation of Funds The Authority may commit itself by Notice of Reservation of Funds, subject to the terms and conditions set forth in the HomeBuilder Participation Agreement, to make a Reservation for a prospective HomeBuilder for the construction of …