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HB4397 Engrossed |
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LRB094 15777 RSP 50993 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 |
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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, |