(a) The Commissioner shall have the authority to charge fees in the amount specified and provided in this section for the processing of program applications and program administration and closing costs of programs administered by the Department. Such fees shall not be refundable and shall not guarantee approval of an application or adequacy of funding. The amount of fees shall be as follows:
(1) Application Fee for multifamily finance or asset management, including, but not limited to loans, grants, bonds, loan restructurings, subordinations, modifications, transfers, and tax credits – $1,500 for for-profit applicants and $750 for nonprofit applicants.
(2) Program application fees.
(A) New Homes for Chicago and City Lots for Working Families – $1,000.
(B) TaxSmart Mortgage Credit Certificate Program – $375 per applicant.
(C) TaxSmart Mortgage Credit Certificate Refinance Issuance – $100.
(3) Tax Credit Reservation Fees – an amount equal to five percent (5%) of the annual Tax Credit amount referenced in the conditional Tax Credit reservation agreement or tax credit agreement for projects financed with low-income housing tax credits and/or tax-exempt multi-family housing revenue bonds, as applicable.
(4) Tax Credit Carryover Allocation Fee – $250.
(5) An administrative fee of 1.5% of the principal amount of tax-exempt, multi-family housing revenue bonds issued by the City in connection with a project, provided such fee does not exceed the maximum amount permitted under Section 148 of the Internal Revenue Code of 1986 (for purposes of this section, "Section 148") to avoid characterization of the tax-exempt bonds as "arbitrage bonds" as defined in Section 148.
(6) Tax Exempt Bond Issuer Fee – up to 15 basis points of the bond amount issued at closing, provided such fee does not exceed the maximum amount permitted under Section 148 to avoid characterization of the tax-exempt bonds as "arbitrage bonds" as defined in Section 148; provided, however, that any fees and penalties imposed by the Department shall comply with Section 42 of the Internal Revenue Code of 1986 and any regulations promulgated thereunder. The fee shall be determined by the Commissioner and published in a Qualified Allocation Plan.
(7) Donations Tax Credit Reservation Fee – 3% of reservation amount.
(8) Compliance Monitoring Fee – $25 per unit annually for all housing units (affordable and market rate) in a project or building.
(9) Compliance Monitoring Late Fee – $20 per unit for all housing units in a project or building in addition to the Compliance Monitoring fee.
(10) Affordable Conversion Unit Initial Registration Fee – $500 per Affordable Conversion Unit as defined in Section 2-44-106(c).
(b) The Commissioner is authorized to waive any fees or penalties imposed in this section pursuant to a determination by the Commissioner that such waiver is in the best economic interests of the City. The Commissioner shall memorialize and maintain on file the justification for any waiver granted.
(Added Coun. J. 11-14-18, p. 90308, Art. I, § 1; Amend Coun. J. 11-26-19, p. 11390, Art. I, § 4; Amend Coun. J. 12-16-20, p. 26066, § 1; Amend Coun. J. 11-7-22, p. 55595, Art. I, § 1)