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92_SB2124
LRB9215489BDdv
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, subject to appropriation, for new teachers
15 purchasing a first home. The program shall consist of
16 financial assistance to recently hired teachers to obtain
17 30-year mortgages, at interest rates no greater than those
18 for mortgages under the Authority's other programs for
19 first-time home buyers, for the purchase of primary
20 residences for the first time. Assistance shall be available
21 only to teachers employed by school districts defined by the
22 State Board of Education as financially needy or experiencing
23 a shortage of teachers. The program shall be limited to
24 persons employed at the time of application as elementary or
25 secondary public school teachers who have been employed in
26 any teaching positions cumulatively for no more than 2 years
27 at the time of application and who commit to continue
28 teaching in the public schools of the school district for at
29 least 3 years after their closing date. An eligible
30 residence must be located in Illinois and must be the
-2- LRB9215489BDdv
1 applicant's first purchase of a primary residence in any
2 location.
3 The Authority shall adopt rules necessary for any program
4 authorized by this Section.
5 Section 99. Effective date. This Act takes effect July
6 1, 2002.