Section 365.103  Definitions

 

As used in this Part, words and phrases defined in the Act shall have the meanings ascribed to them therein.  In addition, the following words or terms mean:

 

"Act":  The Illinois Housing Development Act [20 ILCS 3805].

 

"Advisory Commission":  The Illinois Affordable Housing Advisory Commission, established by and acting pursuant to Section 6(a) of the Affordable Housing Act.

 

"Affordable Housing":  Residential housing that, so long as the same is fully or partially occupied by Low-Income Households or Very Low-Income Households, requires payments of monthly housing costs, including charges to such households for heat, electricity and water, of no more than 30% of the maximum allowable income as stated for such households as set forth in Section 365.1204(b)(1) and (2) of this Part.

 

"Affordable Housing Act":  The Illinois Affordable Housing Act [310 ILCS 65].

 

"Applicant":  The person or entity applying for a Loan from the Program.

 

"Application":  An application for a Loan.

 

"Assistant Director":  The Assistant Director of the Authority.

 

"Authority":  The Illinois Housing Development Authority.

 

"Bonds":  The bonds issued by the Authority pursuant to the Act from time to time to finance the Program, including bonds issued from time to time to replace or refund Bonds or Notes previously issued.

 

"BSPRA":  The builders'/sponsors' profit and risk allowance, if any, given to an Owner against the Equity requirements for a Loan.  BSPRA shall not exceed an amount equal to ten percent (10%) of the total estimated replacement cost of the Development.

 

"Chairman":  The Chairman of the Authority.

 

"Clearinghouse":  The person in the Office of the Governor designated by the Governor of the State to provide notice to appropriate State and local agencies of proposed Developments.

 

"Commercial Tenant":  Any entity leasing commercial facilities in a Development.

 

"Construction Completion Date":  The date that construction or rehabilitation of a Development is substantially completed, as determined in writing by the Authority.

 

"Cost Certification Cutoff Date":  The last day of the month in which the Construction Completion Date falls.

 

"Cumulation Date":  The date from which an Owner's right to make Distributions shall begin cumulating, which date shall be the Initial Closing Date.

 

"Cumulative Distribution":  A Distribution of Surplus Cash and/or Residual Receipts representing all or part of a Distribution unpaid but cumulated by an Owner in a prior fiscal year.

 

"Current Distribution":  A Distribution of Surplus Cash and/or Residual Receipts representing all or part of a Distribution earned by an Owner in a current fiscal year.

 

"Deputy Director":  The Deputy Director of the Authority.

 

"Development":  A multi-family housing project made up of five or more units consisting of the Real Estate, together with all improvements, buildings, equipment, and personal property appurtenant thereto.

 

"Development Funds":  All cash, rent subsidies, gross Development income, bank accounts, certificates of deposit, trust funds, reserves, escrows, accounts receivable, and other such assets of a Development, excluding security deposits which, pursuant to contract, an Owner may be required to return to a Tenant.

 

"Director":  The Director of the Authority.

 

"Distribution":  Any withdrawal or taking of Surplus Cash and/or Residual Receipts, including segregation of amounts of Surplus Cash and/or Residual Receipts for subsequent withdrawal, for payment to or on behalf of an Owner pursuant to the Authority's written authorization of such Distribution or any transfer of Development property to or on behalf of an Owner.

 

"Eligible Mortgagor":  Any Limited-Profit Entity or Nonprofit Corporation, or any Illinois land trust the sole beneficiary of which is a Limited-Profit Entity or Nonprofit Corporation, but only if such Eligible Mortgagor's ownership of the Development (including any partnership interest or stock ownership interest in such Mortgagor), or such beneficiary's interest in such Illinois land trust (including the ownership of any partnership interest or stock ownership interest in such beneficiary), shall not cause any tax-exempt Bonds, if any, used to finance the Development to become taxable for federal income tax purposes and the organizational documents of such Mortgagor or such beneficiary referred to in Section 365.502 of this Part at all times are in compliance with  (or such Mortgagor or beneficiary has executed a written agreement meeting) the requirements of Section 365.502 of this Part.

 

"Equity": The amount of funds provided by Owner for a Development, including an allowance for BSPRA, as determined by the Authority in its sole discretion.

 

"Final Closing Date":  The date on which the Authority issues its final closing memorandum.

 

"Financially Troubled Development":  A Development financed by a Loan from the Program which subsequently fails to meet its Mortgage obligations.

 

"Initial Closing Date":  The date on which the Authority issues its initial closing memorandum.

 

"Limited-Profit Entity":  Any individual, joint venture, partnership, limited partnership, trust or corporation organized or existing under the laws of the State or authorized to do business in the State (including, without limitation, a limited liability company) and having articles of incorporation or comparable documents of organization (or a written agreement with the Authority) which, in addition to meeting other requirements of law, meets the requirements of Section 2(k) of the Act.

 

"Loan":  The loan financed through the Program made by the Authority to a Mortgagor to be used in connection with a Development.

 

"Low-Income Household":  A single person, family or unrelated persons living together whose adjusted income is more than 50%, but less than 80%, of the median income of the area of residence, adjusted for family size, as such adjusted income and median income for the area are determined from time to time by the United States Department of Housing and Urban Development for purposes of Section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437).

 

"Members":  The Members of the Authority.

 

"Mortgage":  The mortgage, or other instrument in the nature of a mortgage, and all other security documents encumbering a Development, together with supplements thereto and modifications or amendments thereof.

 

"Mortgage Note":  The document executed as evidence of a Mortgagor's indebtedness under a Loan secured by a Mortgage, and any supplements thereto and modifications or amendments thereof.

 

"Mortgagor":  The Limited-Profit Entity, Nonprofit Corporation or Trustee for either entity, holding title to a Development who has executed and delivered to the Authority a Mortgage.

 

"Nonprofit Corporation":  A not-for-profit corporation incorporated pursuant to the provisions of the Illinois General Not-for-Profit Corporation Act of 1986 [805 ILCS 105] or the State Housing Act [310 ILCS 5] and having articles of incorporation or a written agreement with the Authority which, in addition to meeting other requirements of law, meet the requirements of Section 2(m) of the Act.

 

"Notes":  The notes issued by the Authority pursuant to the Act from time to time to finance the Program.

 

"Owner":  The Limited-Profit Entity or Nonprofit Corporation holding title to Real Estate or a Development or, when such Real Estate or the Development is held in an Illinois land trust, the Limited-Profit Entity or Nonprofit Corporation owning the entire beneficial interest in a Trust.  Under no circumstances shall Owner mean the Authority or a Trustee.

 

"Part":  This Part 365.

 

"Program":  The Illinois Affordable Housing Bond Program.

 

"Real Estate":  The real property upon which a Development is to be or has been constructed.

 

"Residual Receipts":  Any Surplus Cash remaining as of the end of an annual fiscal period after the deduction of the amount of any repayment of any subordinate loans, if any, evidenced by a note to be repaid from Surplus Cash and all Distributions from Surplus Cash.

 

"Resolution":  Any resolution or indenture adopted by the Authority pursuant to the Act authorizing the issuance of Bonds or Notes and setting forth the general terms and conditions under which the Authority may issue, deliver and sell Bonds and Notes, as amended and supplemented from time to time.

 

"Rules":  The rules and regulations of the Authority as amended from time to time.

 

"Series Resolutions":  The series resolutions adopted by the Authority from time to time pursuant to the Act and the Resolution authorizing the issuance of a series of Bonds or Notes.

 

"Staff":  The Director, Deputy Director, Assistant Director and the other employees of the Authority.

 

"State":  The State of Illinois.

 

"Surplus Cash":  That part of Development income, calculated on an accrual basis of accounting remaining as of the end of a fiscal year after deductions for expenses,  reserves, escrows and other similar items have been made in accordance with priorities established by the Authority in writing.

 

"Tenant":  The person, family or unrelated persons leasing a dwelling unit in a Development.

 

"Tenant Selection Plan":  The tenant selection plan approved by the Authority for a Development.

 

"Trust":  The Illinois land trust (if any) which holds legal title to a Development.

 

"Trustee":  The trustee of a Trust.

 

"Trust Fund":  The Illinois Affordable Housing Trust Fund.

 

"Trust Fund Moneys":  All moneys, deposits, revenues, income, interest, dividends, receipts, taxes, proceeds and other amounts or funds deposited or to be deposited in the Trust Fund pursuant to Section 5 of the Affordable Housing Act and any proceeds, investments or increase thereof.

 

"Utility Allowance":  The cost of electricity, heat and water based on reasonable consumption of these utilities.

 

"Very Low-Income Household":  A single person, family or unrelated persons living together whose adjusted income is not more than 50% of the median income of the area of residence, adjusted for family size, as such adjusted income and median income for the area are determined from time to time by the United States Department of Housing and Urban Development for purposes of Section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437).