TEACHER HOMEBUYER ASSISTANCE Senate SponsorsSen. Kimberly A. Lightford-Martin A. Sandoval 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. 2/3/2004SenateFiled with Secretary by Sen. Kimberly A. Lightford 2/3/2004SenateFirst Reading 2/3/2004SenateReferred to Rules 3/23/2004SenateAdded as Chief Co-Sponsor Sen. Martin A. Sandoval 1/11/2005SenateSession Sine Die