HomeMy WebLinkAboutRESOLUTION - 74-88 - 12/13/1988 - CEDE TAX CREDIT AUTHORITY FOR 1988 TO RESOLUTION NO. 74-88
A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO
CEDE THE TAX CREDIT AUTHORITY FOR CALENDAR YEARS 1988 AND 1989
IN THE AMOUNT OF $83,012.00 TO THE ILLINOIS HOUSING DEVELOPMENT
AUTHORITY
WHEREAS, pursuant to Section 42 of the Internal Revenue Code of 1986,
as amended (the "Code") , the Village of Elk Grove Village, an Illinois home
rule jurisdiction (the "Village") , 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, 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 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 Village's portion of the 1988 and
1989 State Ceiling is currently an amount equal to $83,012.00; 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 1988 and 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-income housing tax
credits for the calendar years 1988 and 1989; and
WHEREAS, the Village has determined that it is in its best interests
not to allocate any low-income housing tax credits under the Code during the
calendar years of 1988 and 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 President and Board of Trustees
of the Village of Elk Grove Village as follows:
1. The Village irrevocably transfers to the Authority $83,012.00
of its portion of the State Ceiling for the calendar years
1988 and 1989.
2. The Village shall not allocate low-income tax credits for the
calendar years of 1988 and 1989.
3. Charles J. Zettek, the President of the Village, is authorized
and directed to transmit a letter to the Authority transferring
low-income housing tax credits on behalf of the Village as
authorized by this Resolution.
4. The Village Clerk is directed to retain in the records of the
Village a copy of this Resolution and the transmittal letter
of the President referred to above.
5. This Resolution supersedes all other Resolutions adopted by
the Village 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.
PASSED this 13th day of December , 1988.
APPROVED this 13th day of December , 1988.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk