Section 355.308  Limitation on Donations

Funds used by a prospective Donor to acquire an ownership interest in an Affordable Housing Project shall not qualify as a Donation.  Donations may not take place prior to 3 years before the Initial Closing Date unless otherwise approved by the allocating Agency in the Agency's discretion.

(Source:  Amended at 34 Ill. Reg. 15822, effective September 28, 2010)