Ill. Admin. Code tit. 47, § 355.209 - Affordable Housing Tax Credit Allocation
a) An Agency shall make Allocations:
1) for Affordable Housing Projects, after the
Agency has received documentation, in a format acceptable to the Agency, that
establishes to the satisfaction of the Agency that the Sponsor and the
Affordable Housing Project are in compliance with all of the requirements of
Section 7.28 of the Act and this Part; the date of the Allocation shall be the
date of the Initial Closing.
2) for
Technical Assistance and Employer-Assisted Housing Projects, after the Agency
has received documentation, in a format acceptable to the Agency, that
establishes to the satisfaction of the Agency that the Sponsor is in compliance
with all of the requirements of Section 7.28 and this Part and has the ability
to provide the Technical Assistance or to implement the Employer-Assisted
Housing Project, as applicable; the date of the Allocation shall be the date of
the satisfaction of these requirements.
b) The effective date of the Allocation shall
be the date set forth in the Reservation Letter to the Sponsor, or the date of
the Allocation at the election of the Sponsor. No Allocation shall be made with
an effective date earlier than the effective date of Section 7.28. The Agency
shall submit forms as the Illinois Department of Revenue may require to notify
the Department of the Allocation for the Affordable Housing Project.
Notes
Amended at 31 Ill. Reg. 5797, effective March 30, 2007
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