Section 355.204  Agency Review

The Agency shall review each complete Application and approve or reject it. The Agency's review of an Application shall include, but not be limited to, the following criteria (where applicable):

a)         Section 7.28 Requirements.  The ability of the Affordable Housing Project to meet the requirements of Section 7.28 and this Part throughout the Compliance Period;

b)         Financial Feasibility.  The financial feasibility of the Affordable Housing Project, taking into consideration the existing housing for Low-Income Households and Very Low-Income Households in the geographical area in which the Affordable Housing Project will be located, the cost of the Affordable Housing Project, the projected income and operating expense of the Affordable Housing Project, and all sources of financing for the Affordable Housing Project, including owner's equity;

c)         Sponsor's Ability.  The ability of the Sponsor to successfully construct the Multifamily  Housing Project or the rental Single Family Project and place it in service, taking into consideration the construction or other schedule submitted with the Application, the Sponsor's experience in the development, construction and/or rehabilitation of housing, and the size and scope of the Affordable Housing Project; or the ability of the Sponsor to provide the Technical Assistance; or the ability of the Sponsor to implement the Employer-Assisted Housing Project;

d)         Site Control. Evidence of site control, satisfactory to the Agency, for the Affordable Housing Project, which shall include, but not be limited to, a purchase contract, an option to purchase, or a letter of intent from a prospective Donor of real property or from a governmental agency;

e)         Donations. The amount of the proposed or anticipated Donation and the Sponsor's plan for obtaining the Donation;

f)          Location.  The need for housing for Low-Income and Very Low-Income Households in the geographical area in which the Affordable Housing Project will be located, based on census data, social surveys, published data, or on-site inspections; and the location of other Affordable Housing Projects for which the Agency has allocated or reserved Affordable Housing Tax Credits;

g)         Housing Stock.  The  likelihood that the Affordable Housing Project will increase the quality and quantity of housing stock and redevelop blighted areas or prevent the occurrence of slum conditions;

h)         Preservation.  The likelihood that the Affordable Housing Project will preserve housing projects in danger of being lost as affordable housing stock;

i)          Involuntary Displacement.  For Multifamily Housing Projects or rental Single Family Projects involving rehabilitation, the Sponsor must minimize involuntary displacement of current tenants who are Low-Income and Very Low-Income Households, taking into consideration their safety during rehabilitation and the scope and nature of  the proposed rehabilitation;

j)          Special Needs Populations.  The availability and accessibility of the Affordable Housing Project for special needs populations, including, but not limited to, homeless or displaced individuals, persons with physical, mental or developmental disabilities, persons with alcohol or substance abuse problems, and persons with AIDS and related diseases;

k)         Compliance Period.  Whether the Compliance Period of the Affordable Housing Project exceeds the minimum requirements of Section 7.28;

l)          Lower Income Households.  The ability of the Affordable Housing Project to serve Households with incomes less than the maximum income for Low-Income or Very Low-Income Households for the geographical area in which the Affordable Housing Project will be located.

(Source:  Amended at 31 Ill. Reg. 5797, effective March 30, 2007)