Ill. Admin. Code tit. 47, § 355.203 - Application Process

A Sponsor may apply for an Allocation by submitting an Application on forms prescribed by an Agency that may require the following information:

a) The name and location of the proposed Project;

b) The name, address and telephone number of the Sponsor and the proposed owners of the Project, and, if known and applicable, the attorney, accountant, architect, general contractor and consultant for the Project;

c) A copy of the Sponsor's current Articles of Incorporation, certified by the Secretary of State or equivalent official of the state of incorporation;

d) A history of the Sponsor's experience in developing affordable housing;

e) A complete description of the proposed Project, including but not limited to the site, the number and type of Units or Single Family Residences and, if applicable, a rent schedule for the Project, and identifying any proposed tenant or homeownership populations with special housing needs;

f) The amount of the proposed financing for the Project, including letters of interest or commitments from prospective lenders;

g) The type of, amount of and nature of the Donation or proposed or anticipated Donation, including the legal and financial interests of the Sponsor, seller, buyer and developer entities in the Donation transaction and a description of the flow of funds into the Project, including any financing provided by the Sponsor, if applicable;

h) For a Multifamily Housing Project or a rental Single Family Project, the percentage of Units to be reserved for Low-Income Households and Very Low-Income Households;

i) The estimated total cost of the proposed Project, including, as applicable, the cost of land acquisition, the cost of construction, the amount of projected reserves, architects' fees, attorneys' fees, accountant's fees, surveyor's fees, title insurance and all other costs associated with the Project;

j) A schedule for the proposed Project showing the anticipated Initial Closing Date and the anticipated date of completion;

k) The amount of General Operating Support requested, if any, and the purposes for which it will be used;

l) The amount of Technical Assistance requested, if any, and the purposes for which it will be used;

m) The amount of Affordable Housing Tax Credits requested;

n) A certification from the Sponsor to the Agency that all information contained in the Application and all accompanying information is true, accurate, and complete, to the best of the Sponsor's knowledge;

o) If a Donation has occurred, a notarized affidavit from the Donor acknowledging the Donation to the Sponsor or such other documentation evidencing the Donor's knowledge of the making of a Donation and eligibility for receipt of a Certificate, as determined acceptable by an Agency in its discretion; and

p) Any additional documentation that the Agency may require in order to confirm the information in the Application, including but not limited to a legal description of the Project.

Notes

Ill. Admin. Code tit. 47, § 355.203

Amended at 34 Ill. Reg. 15822, effective September 28, 2010