Section 350.207  Approval or Rejection

a)         Upon completion of its review of an Application, the Authority shall notify the Sponsor in writing of its approval or rejection of the Application, considering the availability of Tax Credits; the need for Low-Income housing throughout the State, as determined by the Authority, based on census data, social surveys, published data, or on-site inspections; the geographic distribution of Tax Credits throughout the State; the information contained in the Application; comments received pursuant to Section 350.204; and any other criteria set forth in the Qualified Allocation Plan.

b)         Upon the approval of an Application, the Authority shall issue a Reservation Letter conditionally reserving Tax Credits for the Project.

c)         The conditional Reservation Letter shall set forth the terms and conditions upon which the Tax Credits will be allocated to the Project, including, but not limited to:

1)         Full compliance by both the Sponsor and the proposed Project with Section 42 and other applicable sections of the Internal Revenue Code;

2)         Certification from the Sponsor certifying to the Authority that the Sponsor and the Project are in full compliance with Section 42 and other applicable sections of the Internal Revenue Code and will continue to be in such compliance for such time as required by the Internal Revenue Code;

3)         Certification from the Sponsor that there will be no change in the Sponsor, the Sponsor's organizational structure or the structure of the Project without the prior written approval of the Authority.

4)         Execution of an Extended Use Agreement pursuant to Section 305.208 of this Part.

(Source:  Amended at 21 Ill. Reg. 9012, effective June 26, 1997)