Section 1100.535  Funding Restrictions and Eligible Costs

a)         No more than 3 dollars of program funds may be provided for every 7 dollars obtained by the municipality from private sources.

b)         No more than $1,000,000 in program funds may be awarded in any fiscal year to a single project.

c)         No more than $2,000,000 in aggregate program funds may be awarded in any fiscal year to projects developed or initiated by any single private sector developer.

d)         No program loan may be less than $30,000 in amount.

e)         Program funds shall be used only for rehabilitation of existing housing.  Program funds shall be used only to pay for eligible project costs.  Eligible project costs will be defined in the loan agreement.

(Source:  Recodified from 14 Ill. Adm. Code 1210.320 at 31 Ill. Reg. 12104)