Housing Affordability Impact Note (Housing Development Authority)
This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence. While the proposed establishes a new program for First-Generation Homebuyer Down Payment Assistance, this is the establishment of a program that is not needed on the state level. IHDA’s current Down Payment Assistance programs and IHDA’s current homebuyer programs target first time home buyers exclusively AND they allow first generation homebuyers to already use them. Creation of a new program is redundant and would create more red tape and would not lower barriers for first time homebuyers.

Fiscal Note (Housing Development Authority)
This program is redundant and not needed as current Homebuyer and Down Payment assistance programs already do everything this bill proposes. This bill requires program rules that would need to be established and updated throughout the next year (1 FTE Lawyer / Legal Staff ($200,000/year). Outside of establishment of new rules, the administration of this program could be covered under existing IHDA staffing levels except for the reporting requirements, which would require the hiring and maintenance of a program staff position or two. These position(s) would be required to meet reporting requirements and burdensome publishing requirements on an ongoing basis($100,000 - $200,000 per year). Additional advertising would also need to occur which could add $30K to the cost of administering this program.