Synopsis As Introduced Amends the Illinois Housing Development Act. Creates the Homeowner's Emergency Mortgage Assistance Program. Provides that the Illinois Housing Authority or not-for-profit corporations designated by the Authority may make payments on mortgages for single-family residences under certain circumstances. Sets the requirements for the application for mortgage assistance. Requires a mortgagor to make monthly payments to the Authority or designated agency when receiving mortgage assistance. Provides for the repayment of mortgage assistance by the mortgagor. Amends the State Finance Act to create the Emergency Mortgage Assistance Fund. Effective immediately.
In the Illinois Housing Development Act, provides that designated agencies must be not-for-profit corporations with offices in Illinois (instead of "Illinois not-for-profit corporations"). Provides that designated agencies are required to provide counseling only to the extent that they are willing and able to do so. Provides that assistance by designated agencies may include foreclosure intervention and mortgage workout counseling. Provides that mortgage assistance payment may be made only in accordance with Authority rules and are subject to the availability of funds, and provides that assistance payments may be made only if it is not otherwise possible to prevent a foreclosure. Deletes duties of designated agencies concerning making payments on behalf of or receiving repayments from mortgagors. Provides that interest on mortgage assistance payments must be based on U.S. 20-year (instead of "30-year") bonds. Further amends the State Finance Act to exempt moneys held in the Emergency Mortgage Assistance Fund from certain transfers to the General Revenue Fund. Makes other changes.