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RESOLUTION NO. 74-88 <br /> A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO <br /> CEDE THE TAX CREDIT AUTHORITY FOR CALENDAR YEARS 1988 AND 1989 <br /> IN THE AMOUNT OF $83,012.00 TO THE ILLINOIS HOUSING DEVELOPMENT <br /> AUTHORITY <br /> WHEREAS, pursuant to Section 42 of the Internal Revenue Code of 1986, <br /> as amended (the "Code") , the Village of Elk Grove Village, an Illinois home <br /> rule jurisdiction (the "Village") , is authorized to allocate low-income <br /> housing tax credits for the purpose of assisting in the financing of housing <br /> for low-income persons and families; and <br /> WHEREAS, pursuant to Section 7.24g of the Illinois Housing Development <br /> Act, I11 . Rev. Stat. , Ch. 67-1/2, Section 307.24g (1987) (the "Act") and the <br /> Code, the Illinois Housing Development Authority (the "Authority") is <br /> authorized to act as the State Housing Credit Agency for the purpose of <br /> allocating low-income housing tax credits for the State of Illinois; and <br /> WHEREAS, the Code limits the total amount of low-income housing tax <br /> credits that may be allocated by all allocators in the State of Illinois for <br /> the calendar year of 1989 to $14,435,000 (the "State Ceiling") ; and <br /> WHEREAS, pursuant to the Code, the Village's portion of the 1988 and <br /> 1989 State Ceiling is currently an amount equal to $83,012.00; and <br /> WHEREAS, the Authority has informed the Village that it anticipates <br /> that the demand for low-income housing tax credits will exceed the <br /> Authority's portion of the 1988 and 1989 State Ceiling; and <br /> WHEREAS, the Village has determined that it is in its best interests to <br /> participate in the allocation of low-income housing tax credits for the <br /> purpose of assisting in the financing of housing for low-income persons and <br /> families in the State of Illinois; and <br /> WHEREAS, the Village has not allocated any low-income housing tax <br /> credits for the calendar years 1988 and 1989; and <br /> WHEREAS, the Village has determined that it is in its best interests <br /> not to allocate any low-income housing tax credits under the Code during the <br /> calendar years of 1988 and 1989; and <br /> WHEREAS, Section 7.24g(4) authorizes the Authority to accept and <br /> allocate low-income housing tax credits that may be transferred from <br /> Illinois home rule jurisdictions. <br /> NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br /> of the Village of Elk Grove Village as follows: <br />