HomeMy WebLinkAboutOrd 4007 12/06/1988ORDINANCE NO. 4007
AN ORDINANCE CEDING TAX CREDITS TO THE ILLINOIS
HOUSING DEPARTMENT AUTHORITY
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 6th day of December, 1988
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
7th day of December, 1988.
VILLAGE OF MOUNT PROSPECT
ORDINANCE NO. 4007
WHEREAS, pursuant to Section 42 of the Internal Revenue Code of 1986, as
amended (the "Code"), the Village of ~m,~m~ ~>r~e , an Illinois home
rule jurisdiction (the 'Village"), is authorized ko 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 7.249 of the Illinois Housing Development Act,
Ill. Rev. Stat., Ch. 67-1/2, Section 307.249 {1987) {t~e "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 low-income housing tax credits
that may be allocated by all allocators in the State of Illinois for the
calendar year of 1989 to $14,43S,000 (the "State Ceiling'); and
WHEREAS, pursuant to the Code, the Village's portion of the 1989 State Ceiling
is currently an amount equal to $68,288,'and
WHEREAS, the Authority has informed the Village 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 Village 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 Village has not allocated any low-~ncome housing tax credits for
the calendar )ear 1989; and
WHEREAS, the Village has determined that it is ~n its best interests not to
allocate any low-income housing tax credits under the Code during the calendar
year of 1989; and
WHEREAS, Section 7.249(4) authorizes the Authority to accept and allocate
low-income housing tax credits that may be transferred from lllino~s home rule
jurisdictions;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE AS FOLLOWS:
1. The Village irrevocably transfers to the Authority $68,288 of
its portion of the State Ceiling for the calendar year 1989.
2. The ¥~11age shall not allocate lo~-~ncome housing tax credits for
the calendar year of 1989.
3. C~_~ol_w H. K~aume , the President of the Village, ~s
authorized and d~rected to transmlt a letter to the Authority transferring
1ow-~ncome housing tax credlts on behalf of the V~llage as authorized by th~s
0rdlnance
4. The Village Clerk ~s directed to retain ~n the records of the
Village a copy of th~s 0rd~nance and the transmttal letter of the President
referred to above.
5. This 0rdlnance supersedes all other 0rd~nances adopted by the
V~llage in connection w~th the transfer of low-~ncome housing tax credits and
to the extent that any prewous Ordinance ~s ~ncons~stent w~th th~s Ordinance,
any such InconSistent 0rd~nance is repealed.
6. Th~s 0rd~nance ~s effective ~mmed~ately upon ~ts adoption.
Accepted and approved on
ATTE.~T:~.-' _ / ~,
. .C~ml A. l~ield~ , V~llage Clerk
December 6 , 19 88..
C~l~ H. ]~ause , President
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