(35 ILCS 31/20)
    Sec. 20. Limitations, reporting, and monitoring.
    (a) In each calendar year beginning on or after January 1, 2019 and ending on or before December 31, 2023, the Division is authorized to allocate $15,000,000 in tax credits in addition to any unallocated, returned, or rescinded allocations from previous years, pursuant to qualified rehabilitation plans. In each calendar year beginning on or after January 1, 2024 and ending on or before December 31, 2028, the Division is authorized to allocate $25,000,000 in tax credits in addition to any unallocated, returned, or rescinded allocations from previous years, pursuant to qualified rehabilitation plans. The Division shall not allocate or award more than $3,000,000 in tax credits with regard to a single qualified rehabilitation plan. In allocating tax credits under this Act, the Division must prioritize applications that meet one or more of the following:
        (1) the structure is located in a county that borders
    
a State with a historic income-producing property rehabilitation credit;
        (2) the structure was previously owned by a federal,
    
state, or local governmental entity for no less than 6 months;
        (3) the structure is located in a census tract that
    
has a median family income at or below the State median family income; data from the most recent 5-year estimate from the American Community Survey (ACS), published by the U.S. Census Bureau, shall be used to determine eligibility;
        (4) the qualified rehabilitation plan includes in the
    
development partnership a Community Development Entity or a low-profit (B Corporation) or not-for-profit organization, as defined by Section 501(c)(3) of the Internal Revenue Code; or
        (5) the structure is located in an area declared
    
under an Emergency Declaration or Major Disaster Declaration under the federal Robert T. Stafford Disaster Relief and Emergency Assistance Act. The declaration must be no older than 3 years at the time of application.
    (b) The annual aggregate authorization of $15,000,000 set forth in subsection (a) shall be allocated by the Division, in such proportion as determined by the Director twice in each calendar year that the program is in effect, provided that the amount initially allocated by the Division for the first calendar year application period shall not exceed 65% of the total amount available for allocation. Any unallocated amount remaining as of the end of the second application period of a given calendar year shall be rolled over and added to the total authorized amount for the next available calendar year. The qualified rehabilitation plan must meet a readiness test, as defined by the Division, in order for the application to qualify. In any given application period, applications that qualify under this Act will be prioritized as set forth in subsection (a) and placed in a queue based on the date and time the application is received. Applicants whose applications qualify but do not receive an allocation must reapply to be considered in subsequent application periods.
    (c) Subject to appropriation to the Division, moneys in the Historic Property Administrative Fund shall be used, on a biennial basis, beginning at the end of the second fiscal year after the effective date of this Act, to hire a qualified third party to prepare a biennial report to assess the overall impact of this Act from the qualified rehabilitation plans under this Act completed in that year and in previous years. Baseline data of the metrics in the report shall be collected at the initiation of a qualified rehabilitation plan. The overall economic impact shall include at least:
        (1) the number of applications, project locations,
    
and proposed use of qualified historic structures;
        (2) the amount of credits awarded and the number and
    
location of projects receiving credit allocations;
        (3) the status of ongoing projects and projected
    
qualifying expenditures for ongoing projects;
        (4) for completed projects, the total amount of
    
qualifying rehabilitation expenditures and non-qualifying expenditures, the number of housing units created and the number of housing units that qualify as affordable, and the total square footage rehabilitated and developed;
        (5) direct, indirect, and induced economic impacts;
        (6) temporary, permanent, and construction jobs
    
created; and
        (7) sales, income, and property tax generation before
    
construction, during construction, and after completion.
    The report to the General Assembly shall be filed with the Clerk of the House of Representatives and the Secretary of the Senate in electronic form only, in the manner that the Clerk and the Secretary shall direct.
    (d) Any time prior to issuance of a tax credit certificate, the Director of the Division, the State Historic Preservation Officer, or staff of the Division may, upon reasonable notice of not less than 3 business days, conduct a site visit to the project to inspect and evaluate the project.
    (e) Any time prior to the issuance of a tax credit certificate, the Director may, upon reasonable notice of not less than 30 calendar days, request a status report from the Applicant consisting of information and updates relevant to the status of the project. Status reports shall not be requested more than twice yearly.
    (f) In order to demonstrate sufficient evidence of reviewable progress within 12 months after the date the Applicant received notification of allocation from the Division, the Director may require the Applicant to provide all of the following:
        (1) a viable financial plan which demonstrates by way
    
of an executed agreement that all financing has been secured for the project; such financing shall include, but not be limited to, equity investment as demonstrated by letters of commitment from the owner of the property, investment partners, and equity investors;
        (2) (blank); and
        (3) all historic approvals, including all federal and
    
State rehabilitation documents required by the Division.
    The Director shall review the submitted evidence and may request additional documentation from the Applicant if necessary. The Applicant will have 30 calendar days to provide the information requested, otherwise the allocation may be rescinded at the discretion of the Director.
    (g) In order to demonstrate sufficient evidence of reviewable progress within 24 months after the date the application received notification of approval from the Division, the Director may require the Applicant to provide detailed evidence that the Applicant has secured and closed on financing for the complete scope of rehabilitation for the project. To demonstrate evidence that the Applicant has secured and closed on financing, the Applicant will need to provide signed and processed loan agreements, bank financing documents or other legal and contractual evidence to demonstrate that adequate financing is available to complete the project. The Director shall review the submitted evidence and may request additional documentation from the Applicant if necessary. The Applicant will have 30 calendar days to provide the information requested, otherwise the allocation may be rescinded at the discretion of the Director.
    If the Applicant fails to document reviewable progress within 24 months of approval, the Director may notify the Applicant that the allocation is rescinded. However, should financing and construction be imminent, the Director may elect to grant the Applicant no more than 5 months to close on financing and commence construction. If the Applicant fails to meet these conditions in the required timeframe, the Director shall notify the Applicant that the allocation is rescinded. Any such rescinded allocation shall be added to the aggregate amount of credits available for allocation for the year in which the forfeiture occurred.
    The amount of the qualified expenditures identified in the qualified taxpayer's certification of completion and reflected on the Historic Preservation Tax Credit certificate issued by the Director is subject to inspection, examination, and audit by the Department of Revenue.
    The qualified taxpayer shall establish and maintain for a period of 4 years following the effective date on a project tax credit certificate such records as required by the Director. Such records include, but are not limited to, records documenting project expenditures and compliance with the U.S. Secretary of the Interior's Standards. The qualified taxpayer shall make such records available for review and verification by the Director, the State Historic Preservation Officer, the Department of Revenue, or appropriate staff, as well as other appropriate State agencies. In the event the Director determines an Applicant has submitted a status report containing erroneous information or data not supported by records established and maintained under this Act, the Director may, after providing notice, require the Applicant to resubmit corrected reports.
(Source: P.A. 102-741, eff. 5-6-22; 103-9, eff. 6-7-23.)