Section 355.309  Transfer of Affordable Housing Tax Credits

A Donor that has received a Certificate may transfer all or a portion of the Affordable Housing Tax Credits represented by this Certificate to another individual or entity if an individual or entity has purchased land for the Affordable Housing Project or has made a Donation to an Affordable Housing Project.  An individual or entity receiving a transfer of Affordable Housing Tax Credits in an amount less than $100,000 must make a Donation for an Affordable Housing Project of at least 10% of the amount of the transferred Affordable Housing Tax Credits.  An individual or entity receiving a transfer of Affordable Housing Tax Credits in an amount equal to or greater than $100,000 must make a minimum Donation of $10,000.  The Certificate shall indicate the name of the original Donor and the name of the entity to which the Certificate is transferred.

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