"Act": The Illinois Housing Development Act [20 ILCS 3805
].
"Allocation": The award of Tax Credits to a Project pursuant
to Section 42.
"Applicable Fraction": The lower of the unit fraction or the
floor space fraction. The unit fraction is the number of low-income housing
units divided by the total number of units in the Project. The floor space
fraction is the square footage of the low-income housing units divided by the
project's total square footage.
"Application": An application to the Authority submitted by a
Sponsor, for Tax Credits for a Project, including required supporting
documentation.
"Authority": The Illinois Housing Development
Authority.
"Authority Housing Credit Ceiling": The portion of the State
Housing Credit Ceiling available for Allocation by the Authority.
"Compliance Period": The period during which the Project is
obligated to comply with the occupancy restrictions (both income and rent) of
Section 42.
"Credit Period": The period of 10 years beginning with the
year in which the Project is placed in service or, at the election of the
Sponsor, the succeeding year.
"Governor": The Governor of the State of Illinois.
"Internal Revenue Code": The Internal Revenue Code of 1986 (
26 U.S.C. Section 1 et seq.) and the U.S. Treasury regulations promulgated
under it, all as they may be amended from time to time.
"Low-Income": A household income that is less than or equal
to 60% of the median income for the area in which a Project is located, as
determined by the United Stated Department of Housing and Urban
Development.
"Part": This Part 350.
"Project": The qualified building or buildings (as defined in
Section 42) that are the subject of an Application.
"Qualified Allocation Plan": The Authority's qualified
Allocation Plan required under Section 42.
"Reservation": The Authority's conditional Reservation of Tax
Credits for a Project.
"Section 42": Section 42 of the Internal Revenue Code and the
regulations and revenue rulings promulgated under it, all as they may be
amended from time to time.
"Sponsor": An entity applying for or receiving Tax Credits
for a Project pursuant to this Part.
"State": The State of Illinois.
"State Housing Credit Agency": The Authority.
"State Housing Credit Ceiling": The amount of Tax Credits
available for Allocation in the State for any calendar year, as provided in
Section 42.
"Tax Credits": Federal low income housing tax credits, as
authorized by Section 42.
