TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 350 LOW-INCOME HOUSING TAX CREDIT ALLOCATION
SECTION 350.102 DEFINITIONS
Section 350.102 Definitions
"Act": The Illinois Housing Development Act [20 ILCS 3805].
"Allocation": The award of Tax Credits to a Project pursuant to Section 42.
"Applicable Fraction": The lower of the unit fraction or the floor space fraction. The unit fraction is the number of low-income housing units divided by the total number of units in the Project. The floor space fraction is the square footage of the low-income housing units divided by the project's total square footage.
"Application": An application to the Authority submitted by a Sponsor, for Tax Credits for a Project, including required supporting documentation.
"Authority": The Illinois Housing Development Authority.
"Authority Housing Credit Ceiling": The portion of the State Housing Credit Ceiling available for Allocation by the Authority.
"Compliance Period": The period during which the Project is obligated to comply with the occupancy restrictions (both income and rent) of Section 42.
"Credit Period": The period of 10 years beginning with the year in which the Project is placed in service or, at the election of the Sponsor, the succeeding year.
"Governor": The Governor of the State of Illinois.
"Internal Revenue Code": The Internal Revenue Code of 1986 (26 U.S.C. Section 1 et seq.) and the U.S. Treasury regulations promulgated under it, all as they may be amended from time to time.
"Low-Income": A household income that is less than or equal to 60% of the median income for the area in which a Project is located, as determined by the United Stated Department of Housing and Urban Development.
"Part": This Part 350.
"Project": The qualified building or buildings (as defined in Section 42) that are the subject of an Application.
"Qualified Allocation Plan": The Authority's qualified Allocation Plan required under Section 42.
"Reservation": The Authority's conditional Reservation of Tax Credits for a Project.
"Section 42": Section 42 of the Internal Revenue Code and the regulations and revenue rulings promulgated under it, all as they may be amended from time to time.
"Sponsor": An entity applying for or receiving Tax Credits for a Project pursuant to this Part.
"State": The State of Illinois.
"State Housing Credit Agency": The Authority.
"State Housing Credit Ceiling": The amount of Tax Credits available for Allocation in the State for any calendar year, as provided in Section 42.
"Tax Credits": Federal low income housing tax credits, as authorized by Section 42.
(Source: Amended at 21 Ill. Reg. 9012, effective June 26, 1997)