Illinois General Assembly - Bill Status for HB4562

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Bill Status of HB4562 96th General Assembly

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Short Description: TAX CREDIT ADVANTAGE LOAN PROG

House Sponsors
Rep. Darlene J. Senger - Sandra M. Pihos - Ronald A. Wait - Michael G. Connelly - Dennis M. Reboletti, Franco Coladipietro, Randy Ramey, Jr., Robert W. Pritchard, Elizabeth Coulson, Bob Biggins, Ed Sullivan, Jr., Mark H. Beaubien, Jr., Jim Sacia, Rich Brauer, Kay Hatcher, Donald L. Moffitt, Jerry L. Mitchell, John D. Cavaletto and Renée Kosel

Last Action

Date	Chamber	Action
1/11/2011	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

Synopsis As Introduced
Creates the Tax Credit Advantage Loan Program Act. Provides that the Illinois Housing Development Authority may, in cooperation with eligible lenders, establish a program to make tax credit advantage loans, secured by a second mortgage, available to qualified home buyers for qualified home purchases. Limits loans under this program to no more than $4,800 or 6% of the contract purchase price of the home, whichever is less. Provides that if a tax credit advantage loan is repaid on or before June 30, 2010, then it shall not accrue interest. Provides that if a tax credit advantage loan is not repaid by that date, then it shall bear interest at a rate that is one-half of a percentage point higher than the interest rate of the first mortgage. Grants the Authority emergency rulemaking powers. Defines "Authority", "eligible lender", "I-LOAN program", "qualified home buyer", "qualified home purchase", and "tax credit advantage loan". Effective immediately.

Actions

Date	Chamber	Action
5/14/2009	House	Filed with the Clerk by Rep. Darlene J. Senger
5/14/2009	House	First Reading
5/14/2009	House	Referred to Rules Committee
5/15/2009	House	Added Chief Co-Sponsor Rep. Sandra M. Pihos
5/15/2009	House	Added Chief Co-Sponsor Rep. Ronald A. Wait
5/15/2009	House	Added Chief Co-Sponsor Rep. Michael G. Connelly
5/15/2009	House	Added Chief Co-Sponsor Rep. Dennis M. Reboletti
5/15/2009	House	Added Co-Sponsor Rep. Franco Coladipietro
5/15/2009	House	Added Co-Sponsor Rep. Randy Ramey, Jr.
5/15/2009	House	Added Co-Sponsor Rep. Robert W. Pritchard
5/15/2009	House	Added Co-Sponsor Rep. Elizabeth Coulson
5/15/2009	House	Added Co-Sponsor Rep. Bob Biggins
5/15/2009	House	Added Co-Sponsor Rep. Ed Sullivan, Jr.
5/15/2009	House	Added Co-Sponsor Rep. Mark H. Beaubien, Jr.
5/15/2009	House	Added Co-Sponsor Rep. Jim Sacia
5/15/2009	House	Added Co-Sponsor Rep. Rich Brauer
5/15/2009	House	Added Co-Sponsor Rep. Kay Hatcher
5/15/2009	House	Added Co-Sponsor Rep. Donald L. Moffitt
5/15/2009	House	Added Co-Sponsor Rep. Jerry L. Mitchell
5/15/2009	House	Added Co-Sponsor Rep. John D. Cavaletto
5/18/2009	House	Added Co-Sponsor Rep. Renée Kosel
1/11/2011	House	Session Sine Die

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