093_SB0520eng

 
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 1        AN ACT in relation to housing.

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

 4        Section 5.   The  Illinois  Housing  Development  Act  is
 5    amended  by  changing  Section  7  and adding Section 7.30 as
 6    follows:

 7        (20 ILCS 3805/7) (from Ch. 67 1/2, par. 307)
 8        Sec. 7. The Authority may exercise the powers  set  forth
 9    in Sections 7.1 through 7.30 7.26.
10    (Source: P.A. 87-250.)

11        (20 ILCS 3805/7.30 new)
12        Sec.  7.30.   Financial assistance for new teachers.  The
13    Authority may develop and implement a  program  of  financial
14    assistance  for  new  teachers  purchasing  a first home. The
15    program shall consist of  financial  assistance  to  recently
16    hired teachers to obtain 30-year mortgages, at interest rates
17    no  greater  than  those  for mortgages under the Authority's
18    other programs for first-time home buyers, for  the  purchase
19    of  primary  residences for the first time.  Assistance shall
20    be available only to teachers employed  by  school  districts
21    defined  by the State Board of Education as financially needy
22    or experiencing a shortage of teachers.  The program shall be
23    limited to persons employed at the  time  of  application  as
24    elementary  or secondary public school teachers who have been
25    employed in any teaching positions cumulatively for  no  more
26    than  2  years  at  the time of application and who commit to
27    continue  teaching  in  the  public  schools  of  the  school
28    district for at least 3 years after their closing  date.   An
29    eligible  residence  must  be located in Illinois and must be
30    the applicant's first purchase of a primary residence in  any
 
SB520 Engrossed             -2-      LRB093 09316 BDD 09549 b
 1    location.
 2        The Authority shall adopt rules necessary for any program
 3    authorized by this Section.

 4        Section  99.  Effective date.  This Act takes effect July
 5    1, 2003.