Section 750.110  Treasurer's Certification of H.O.M.E. Participants

a)         Old H.O.M.E. Program: For terminating program Participants with deposits in the Administering Financial Institution who have not transferred their accounts to a Program Depository, the Treasurer shall provide a final account statement and a formal notice of certification if such Participant has adhered to the Program rules. For terminating Participants with accounts at certified Program Depositories, the Program Depository shall transmit an Account Report form to the Treasurer.  Such form will specify: the ending date of participation; income earned on the account to date for the current calendar year; and the ending deposit balance upon termination.  The Treasurer will provide a formal notice of certification on the Certification Notice form if such Participant has adhered to the Program rules.

1)         Such program Participants qualify for certification if they deposit moneys for a period of at least two years in a chosen investment vehicle specifically designated as a H.O.M.E. account according to the Program Depository's requirements.

2)         For such Program Participants, a Qualifying Balance for transfer tax return eligibility shall be calculated at 20 times the Participant's final account balance.

b)         For all terminating Program Participants eligible for certification:

1)         The Program Participant shall be notified of the amount of a home's purchase price on which the tax imposed under the Real Estate Transfer Tax Act [35 ILCS 305] will be waived for such Participant by the Illinois Department of Revenue on the Certification Notice form.

2)         The certification shall have an initial term of 6 months.  Certification may be renewed for an additional 6 months.  Such renewal requests can be made by written request to the Treasurer before the expiration of the initial 6 month period.

3)         The certification shall be accompanied by instructions on how to file for waiver of the real estate transfer tax with the Illinois Department of Revenue, and the County Treasurer (if appropriate).

4)         The Treasurer shall provide copies of all certifications to the Illinois Department of Revenue, the Illinois Housing Development Authority, and the County Treasurer (if appropriate), upon request.

(Source:  Amended at 22 Ill. Reg. 15631, effective August 24, 1998)