88-103 ALLOCATING LOW-INCOME HOUSING TAX CREDITS - 1989

Home Browse Search

ORDINANCE NO. �g-103 M�CRO�ILMED ORDINANCE ALLOCATIIVG LOW-INCOME HOUSING TAX CREDITS - 1989 - WHEREAS, pursuant to Section 42 of the Internal Revenue Code of 1986 , as amended ( the "Code" ) , the City of Decatur, an Illinois home rule jurisdiction ( the "City" j , is authorized to allocate low-income housing tax credits for the purpose of assisting in the financing of housing for low-income persons and families ; and, WHEREAS, pursuant to Section 7 . 24g of the Illinois Housing Develo ment A _ �I p ct , I11. Rev. Stat. , Ch. 67 1/2 , Section 307.24g ( 1987 ) ( the "Act" ) and the Code, the Illinois Housing Development Authority { the "Authority" ) is authorized to act as the State Housing Credit Agency for the purpose of allocating low-income housing tax credits for the State of Illinois ; and, WHEREAS, the Code limits the total amount of Zow-income housing tax credits that may be allocated by all allocators in the State of Illinois for the calendar year of 1989 to i �� n $14 , 435 , 000 ( the State Ceiling ) ; and, WHEREAS, pursuant to the Code, the City' s portion of the 1989 State Ceiling is currently an amount equal to $112 , 950; and, WHEREAS, the Authority has informed the City that it anticipates that the demand for low-income housing tax credits will exceed the Authority' s portion of the 1989 State Ceiling; and, WHEREAS, the City has determined that it is in its best interests to participate in the allocation of low-income housing tax credits for the purpose of assisting in the financing of housing for low-income persons and families in the State of Illinois; and, WHEREAS, the City has not allocated any low-income housing tax credits for the calendar year 1989 ; and, WHEREAS, the City has determined that it is in its best interests not to ailocate any low-income housing tax credits under the Code during the calendar year of 1989; and, WHEREAS, Section 7 . 24g( 4 ) authorized the Authority to accept and allocate low-income housing tax credits that may be transferred from Illinois home rule jurisdictions . r10W, THEREFORE, BE IT ORDAINED BY THE C�JUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1 . That the city irrevocably transfers to the Authority $112 , 950 of its portion of the State Ceiling for the calendar year 1989 .