Section 350.206  Allocation Amount − Project Feasibility

The Authority shall not allocate Tax Credits to a Project in an amount greater than the amount the Authority determines is necessary for the financial feasibility of the Project and its viability as a qualified Low-Income housing project throughout the Credit Period.  In making this determination, the Authority shall consider the sources and uses of funds and the total amount of financing for the Project:

a)         The date of the conditional Reservation of the Tax Credits for the Project; and

b)         The date the Project is placed in service.

(Source:  Amended at 21 Ill. Reg. 9012, effective June 26, 1997)