Ill. Admin. Code tit. 47, § 369.301 - Maximum Grant Amount
a) Establishing
Amount. The maximum grant amount available for any Qualified Development shall
be 35% of Total Development Costs.
b) Grant Increase. After the Authority has
made a Grant for a Qualified Development, nothing contained in this Section
shall prohibit the Authority from increasing the amount of the Grant in excess
of the limitations specified in subsection (a) if the owner applies for
additional funds and the Authority, in its sole discretion, determines that the
increase is necessary to maintain the financial stability or economic viability
of the Qualified Development. In deciding whether to approve a Grant increase,
the Authority shall consider, among other things, increases in construction
costs before or during construction/rehabilitation, the physical condition of
the Qualified Development, the value of the Qualified Development, the
financial status of the Qualified Development, and any other relevant factors
under the Affordable Housing Grant Act.
Notes
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