Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE47. HOUSING AND COMMUNITY DEVELOPMENT |
PART355. ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM |
SUBPARTC. DONATIONS |
§355.308. Limitation on Donations
Latest version.
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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)