Synopsis As Introduced Amends the Illinois Housing Development Act. Provides that, subject to appropriation, the Illinois Housing Development Authority shall establish and administer a guardsman and reservist homebuyer assistance program. Authorizes an eligible applicant of the program to apply to an approved lender for financial assistance for a portion of the down payment on the purchase of a house. Provides that the financial assistance shall not exceed certain specified limitations and that an eligible applicant may apply for financial assistance up to 3 years following the completion of active duty. Defines "eligible applicant". Authorizes the Authority to adopt necessary rules for the program. Effective July 1, 2007.