Cal. Civ. Code § 380.604
Developer Qualifications
Operative Text
To be eligible to receive funding under an LTOS Program, a Developer must be financially viable, as determined by the applicable Agency at the time of its Application. �In making this determination, the applicable Agency shall review, among other things, the Developer's audited financial statements for the most recent year or, if it does not have an audited financial statement, its federal income tax return for the most recent year.� Developers must also demonstrate to the satisfaction of the Agency experience in or capacity for the operation and management of affordable housing developments, including housing developments that serve Extremely Low-Income Households and Severely Low-Income Households.
Under 47 Ill. Admin. Code pt. 380 § 380.604, any developer seeking funding through an LTOS Program must meet two baseline eligibility standards: financial viability and demonstrated experience or capacity in affordable housing. The applicable Agency assesses financial viability by examining audited financial statements or, when those are unavailable, the most recent federal income tax return. Developers must also show they can operate and manage affordable housing, including housing that serves Extremely Low-Income and Severely Low-Income Households.
Plain English — not legal advice.
Property owners and development entities pursuing LTOS Program funding under § 380.604 are generally expected to have current audited financial statements prepared and ready for Agency review at the time of application. Where audited statements are not available, the most recent federal income tax return serves as the financial documentation. Operators also typically document prior experience or organizational capacity in managing affordable housing, with particular attention to serving Extremely Low-Income and Severely Low-Income Households.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Section 380.604 establishes that developers who receive LTOS Program funding must have been vetted for both financial stability and experience serving low-income households, including Extremely Low-Income and Severely Low-Income Households. Tenants living in LTOS-funded developments can take note that this qualification process is designed to ensure their housing is managed by capable operators. Those with concerns about whether a developer met these standards may consider reaching out to the applicable Agency, a local tenant-rights organization, or the Illinois Department of Housing and Community Development for guidance.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated September 18, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
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