TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 350 LOW-INCOME HOUSING TAX CREDIT ALLOCATION
SECTION 350.213 COMPLIANCE MONITORING
Section 350.213 Compliance Monitoring
The Authority shall monitor the Project for compliance with Section 42. If the Authority discovers that a Project which has received an Allocation is not in compliance with Section 42, the Authority shall notify the Internal Revenue Service of that noncompliance. This compliance monitoring will be effective for all Projects regardless of the date of Allocation. The Authority may charge the Sponsor an administrative fee not to exceed the greater of $100 per year or $7.50 per unit per year for administrative costs incurred by the Authority in monitoring compliance. This fee will be in addition to the fees set forth in Section 350.214 of this Part.
(Source: Amended at 21 Ill. Reg. 9012, effective June 26, 1997)