1988-1040 0
ORDINANCE NO. 88 -104
AN ORDINANCE CEDING FEDERAL HOUSING TAX CREDITS FROM THE VILLAGE OF
BUFFALO GROVE 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 Buffalo Grove, 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, Ill. Rev. Stat., Ch. 67/3, Section 307.248 (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 1989 State
Ceiling is currently an amount equal to $33,825; 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- income housing tax
credits for the calendar year 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 year 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 jurisdiction;
0 0
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, the
following:
SECTION 1. The Village irrevocably transfers to the Authority $33,825
of its portion of the State Ceiling for the calendar year 1989.
SECTION 2. The Village shall not allocate low- income housing tax
credits for the calendar year of 1989.
SECTION 3. Verna L. Clayton, 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
Ordinance.
SECTION 4. The Village Clerk is directed to retain in the records of
the Village a copy of this Ordinance and the transmittal letter of the
President referred to above.
SECTION 5. This Ordinance supersedes all other Ordinances adopted by
the Village in connection with the transfer of low- income housing tax credits
and to the extent that any previous Ordinance is inconsistent with this
Ordinance, any such inconsistent Ordinance is repealed.
SECTION 6. This Ordinance is effective immediately upon its adoption.
This Ordinance shall not be codified.
AYES: 6 - Marienthal, Glower, Reid, Shields, Shifrin, Mathias
NAYES: 0 - None
ABSENT: 0 - None
PASSED: November 7 , 1988.
APPROVED: November 7 , 1988.
Vf1lage President
ATTEST:
. �SiM4�1�IrNi
VillaW Clerk
41
y .
ORDINANCE NO. 88 -104
AN ORDINANCE CEDING FEDERAL HOUSING TAX CREDITS FROM THE VILLAGE OF
BUFFALO GROVE 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 Buffalo Grove, 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, 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 1989 State
Ceiling is currently an amount equal to $33,825; 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 - income housing tax
credits for the calendar year 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 year 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 jurisdiction;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, the
following:
SECTION 1. The Village irrevocably transfers to the Authority $33,825
of its portion of the State Ceiling for the calendar year 1989.
SECTION 2. The Village shall not allocate low- income housing tax
credits for the calendar year of 1989.
SECTION 3. Verna L. Clayton, 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
Ordinance.
SECTION 4. The Village Clerk is directed to retain in the records of
the Village a copy of this Ordinance and the transmittal letter of the
President referred to above.
SECTION 5. This Ordinance supersedes all other Ordinances adopted by
the Village in connection with the transfer of low - income housing tax credits
and to the extent that any previous Ordinance is inconsistent with this
Ordinance, any such inconsistent Ordinance is repealed.
SECTION 6. This Ordinance is effective immediately upon its adoption.
This Ordinance shall not be codified.
AYES: 6 - Marienthal, Glover, Reid, Shields, Shifrin, Mathias
NAYES: 0 - None
ABSENT: 0 - None
PASSED: November 7 1988.
APPROVED: November 7 , 1988.
�52
Village President 61"
ATTEST:
. �tJ�d�►++aN1�
Villa Clerk