Section 310.701  Tenant Selection Plan

a)         Approval. Before making a conditional commitment for a Mortgage Loan under the Program, the Authority shall approve a Tenant Selection Plan submitted by the Owner that shall set forth the income limits for Tenants of the Development. In approving the Tenant Selection Plan, the Authority shall consider whether the selection procedures will be equitable, considering the size and circumstances of the Tenant family; promote a heterogeneous mix of income levels to the extent appropriate; maintain the financial stability of the Development; and comply with the Rules, agreements and requirements.

b)         Compliance. The Tenant Selection Plan shall comply with all applicable State and federal statutes and regulations, with the terms and conditions of all applicable contracts and agreements providing for federal subsidies or assistance relating to the Development, and with the affirmative fair housing marketing plan approved by the Authority for the Development.

c)         Requirement for Developments for which a Conditional Commitment Letter Has Been Issued on or after August 9, 1984.  With respect to Developments for which a conditional commitment letter has been issued on or after August 9, 1984, the Tenant Selection Plan submitted by the Owner and approved by the Authority shall specify how many units in the Development shall be held available to persons and families of Very Low, Low or Moderate Income and set forth the rental charges for those units.  In determining the number of units that shall be held available for rentals, the Authority shall require that the number of dwelling units reserved for persons and families of Very Low, Low and Moderate Income in each Development shall not be less than the number required by applicable federal and State law.

(Source:  Amended at 31 Ill. Reg. 4392, effective February 28, 2007)