HomeMy WebLinkAboutRESOLUTIONS-1989-038-R-896-5-89
38-R-89
A RESOLUTION
Allocating 1989 Low Income Housing Tax Credit
to the Illinois Housing Development Authority
WHEREAS, pursuant to Section 42 of the Internal Revenue
• - - Code of 1986, as amended (the "Code"), the City of Evanston, an
Illinois home rule jurisdiction (the "City"), 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 Development Act, Ill. 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 low-income
housing tax credits that may be allocated by all allocators in
the State of Illinois for the calendar year of 1989 to
• $14,435,000 (the "State Ceiling"); and
WHEREAS, pursuant to the Code, the City's portion of
the 1989 State Ceiling is currently an amount equal to $89,463;
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 City of
Evanston.
• 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 allocate any low-income housing tax credits
under the Code during the calendar year of 1989; and
WHEREAS, Section 7.24g(4) authorizes the Authority to
accept and allocate low-income housing tax credits that may be
transferred from Illinois home rule jurisdictions;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
• THE CITY OF EVANSTON THAT:
1. The City irrevocably transfers to the Authority $89,463
of its portion of the State Ceiling for the calendar year 1989.
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2. The City shall not allocate low-income housing tax credits
for the calendar year of 1989.
3. Joan Barr, the Mayor the City, is authorized and directed
to transmit a letter to the Authority transferring low-income
housing tax credits on behalf of the City as authorized by this
Resolution.
4. The City Clerk is directed to retain in the records of the
City a copy of this Resolution and the transmittal letter of the
Mayor referred to above.
5. This Resolution supersedes all other Resolutions adopted
by the City in connection with the transfer of low-income
housing tax credits and to the extent that any previous
Resolution is inconsistent with this Resolution, any such
inconsistent Resolution is repealed.
6. This Resolution is effective immediately upon its
adoption.
ATTEST: _
Cit Clerk
Adopted: tp ,,. , 1989
a
Mayor
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