Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/10-250

(35 ILCS 200/10-250)

Sec. 10-250.

Certification procedure and effective date of
implementation.

(a) After (i) an application for a Section 515 low-income housing project
certificate is filed with the State Director of
the United States Department of Agriculture Rural Development Office in a
manner and form prescribed in
regulations issued by the office and (ii) the certificate is issued certifying
that the housing is a Section 515 low-income housing project as defined in
Section 2 of this Act, the certificate must be presented to the appropriate
local assessment officer to receive the property assessment valuation under
this Division. The local assessment officer must assess the property according
to this Act.
Beginning on January 1, 2000, all certified
Section 515 low-income housing
projects shall be assessed in accordance with Section 10-245.

(b) Beginning with taxable year 2004, all low-income housing projects
that qualify for the low-income housing tax credit under Section 42 of the
Internal Revenue Code
shall be
assessed in accordance with Section 10-245 if the owner or owners of the
low-income
housing project certify to the appropriate local assessment officer that the
owner or owners  qualify for the low-income housing tax credit under Section 42 of the
Internal Revenue Code for the property.

(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)