95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0272


 
Introduced 1/19/2007, by Rep. Ronald A. Wait
 
SYNOPSIS AS INTRODUCED:
 		













20 ILCS 3805/7.29 new










    Amends the Illinois Housing Development Act. Provides that, subject to appropriation, the Illinois Housing Development Authority shall establish and administer a guardsman and reservist homebuyer assistance program. Authorizes  an eligible applicant of the program to apply to an approved lender for financial assistance for a portion of the down payment on the purchase of a house. Provides that the financial assistance shall not exceed certain specified limitations and that an eligible applicant may apply for financial assistance up to 3 years following the completion of active duty. Defines  "eligible applicant". Authorizes the Authority to adopt necessary rules for the program. Effective July 1, 2007.
















LRB095 04005 HLH 24040 b

















 


 


A BILL FOR









 











HB0272

LRB095 04005 HLH 24040 b






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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:

 
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    Section 5. The Illinois Housing Development Act is amended  
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by adding Section 7.29 as follows:
 
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    (20 ILCS 3805/7.29  new)
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    Sec. 7.29. National Guard and Reservist homebuyer 
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assistance.
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    (a) Subject to appropriation, the Authority shall 
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establish and administer a guardsman and reservist homebuyer 
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assistance program. Under the program, an eligible applicant 
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may apply to a lender approved by the Authority for financial 
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assistance for a portion of the down payment on the purchase of 
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a house. The financial assistance: (i) shall not exceed 10% of 
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the first $100,000 of the purchase price of the house, (ii) 
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shall not exceed 5% of any amount of the purchase price in 
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excess of $100,000, (iii) shall not exceed a total of  $15,000, 
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and (iv) shall be in the form of a grant to the approved 
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eligible applicant. An eligible applicant may apply for 
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financial assistance up to 3 years following the completion of 
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active duty.
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    (b) As used in this Section, "eligible applicant" means a 
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member of the Illinois National Guard or the reserves of the 
 


 






HB0272
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LRB095 04005 HLH 24040 b




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Armed Forces of the United States called to active duty after 
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September 11, 2001 who is a legal resident of the State of 
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Illinois and who was a legal resident of this State when called 
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to active duty.
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    (c) The Authority shall adopt necessary rules for the 
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implementation of this Section, including rules for the 
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solicitation, collection, and  approval of applications and for 
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the distribution of program grants.

 
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    Section 99. Effective date. This Act takes effect July 1, 
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2007.