Section 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 Affordable Housing Project;

b)         The name, address and telephone number of the Sponsor and the proposed owner of the Affordable Housing Project, and, if known, the attorney, accountant, architect, general contractor and consultant for the Affordable Housing 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 housing, and low-income housing in particular;

e)         A complete description of the proposed Affordable Housing Project, including but not limited to the site, the number and type of units and a rent schedule for the Affordable Housing Project, and identifying any proposed tenant populations with special housing needs;

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

g)         The nature and amount of the proposed or anticipated Donation;

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 Affordable Housing Project, including 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 Affordable Housing Project;

j)          A schedule for the proposed Affordable Housing 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 certifying 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; and

o)         Any additional documentation of the information provided in the Application that the Agency may require in order to confirm the information in the Application, such as a legal description of the Affordable Housing Project site, etc.

(Source:  Amended at 27 Ill. Reg. 14310, effective August 21, 2003)