§1100.525. Selection Criteria

The Authority will review those projects for which completed applications have been submitted within the deadlines established under this Subpart.  By vote of its members, subject to the availability of funds, the Authority will select for loans those projects which advance the objectives of the Act.  In making its selection under this Subpart, the Authority shall take into account the following selection criteria, giving greatest weight to subsections (a)(1), (a)(2) and (a)(3):  

 

a)         The level of economic distress within the municipality or the project area.  The level of distress of an area may be evidenced by a number of factors, including:  

 

1)         Age and condition of buildings in the area;

 

2)         Population growth or decline;

 

3)         Level of unemployment in the area; and

 

4)         Percentage of community residents with low or moderate income;

 

b)         Extent of economic or social benefits of the project on persons residing in the area, including benefits to persons of low and moderate income.  Examples of economic or social benefits of a project may include the attraction of new residents to an area that has suffered a population decline or the retention of long term residents in the project area;

 

c)         Number and type of housing units to be provided to low and moderate income persons and families;

 

d)         The projected impact of the project on the tax revenues (income, property, sales, utility) of the State, the applicant municipality, and other units of government;

 

e)         The nature of the commitment from the participants;

 

f)         The readiness of the project to proceed;

 

g)         Evidence of the project's economic and financial feasibility;

 

h)         The physical design of the project (e.g. functional suitability, aesthetic design, energy efficiency); and

 

i)          Evidence of the municipality's and private participants' capacity to undertake the project (e.g., credit history, past performance in similar projects).

 

(Source:  Recodified from 14 Ill. Adm. Code 1210.300 at 31 Ill. Reg. 12104)