TEACHER HOMEBUYER ASSISTANCE Senate SponsorsSen. Kimberly A. Lightford-Kirk W. Dillard, Mattie Hunter and Martin A. Sandoval-Jacqueline Y. Collins House Sponsors(Rep. Mike Boland-Marlow H. Colvin) 1/11/2005SenateSession Sine Die New ActCreates the Teacher Homebuyer Assistance Act. Requires the Illinois Housing Development Authority to establish and administer a program to provide down payment assistance to public school teachers who teach in low-performing challenge schools for purchasing residences within the school district. Provides that the assistance shall be in the form of a deferred payment, low-interest subordinate mortgage loan with a term not longer than the term of the first mortgage loan, with interest accruing at a rate of up to 5% per annum. Provides that if the borrower has continuously been a teacher for the 5-year period immediately following the date of recordation of the loan deed of trust, then repayment of the loan shall be forgiven and considered a grant. Provides that repayment of the principal and accrued interest is due and payable upon the occurrence of certain events.Fiscal Note (Illinois Housing Development Authority) Senate Bill 208 does not reference a funding level, and, without specific information regarding the scale and scope of the proposal, its fiscal effect on IHDA cannot be determined. There is also no appropriation or funding source identified within IHDA. Current programs under which such activities are eligible, the Affordable Housing Trust Fund and HOME, carry specific income eligibility by statute for households served by or benefiting from such programs. 2/5/2003SenateFiled with Secretary by Sen. Kimberly A. Lightford 2/5/2003SenateFirst Reading 2/5/2003SenateReferred to Rules 2/6/2003SenateAssigned to State Government 2/7/2003SenateAdded as Chief Co-Sponsor Sen. Kirk W. Dillard 2/19/2003SenateDo Pass State Government; 007-000-000 2/19/2003SenatePlaced on Calendar Order of 2nd Reading February 26, 2003 2/26/2003SenateFiscal Note Requested by Sen. Dale E. Risinger 2/28/2003SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/10/2003SenateFiscal Note Filed 3/10/2003SenateAdded as Co-Sponsor Sen. Martin A. Sandoval 3/13/2003SenateSecond Reading 3/13/2003SenatePlaced on Calendar Order of 3rd Reading March 18, 2003 3/19/2003SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/19/2003SenateThird Reading - Passed; 035-020-001 3/19/2003HouseArrived in House 3/19/2003HousePlaced on Calendar Order of First Reading 3/21/2003HouseChief House Sponsor Rep. Harry Osterman 3/21/2003HouseFirst Reading 3/21/2003HouseReferred to Rules Committee 3/21/2003HouseAlternate Chief Sponsor Changed to Rep. Mike Boland 3/31/2003HouseAssigned to Executive Committee 4/9/2003HouseAdded Alternate Chief Co-Sponsor Rep. Marlow H. Colvin 5/2/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005SenateSession Sine Die