Synopsis As Introduced Creates the Teacher Homebuyer Assistance Act. Requires the Illinois Housing Development Authority to establish and administer a program to provide down payment assistance to public school teachers who teach in hard-to-staff schools or hard-to-staff positions for purchasing residences within the school district. Provides that the assistance shall be in the form of a deferred payment, low-interest subordinate mortgage loan with a term not longer than the term of the first mortgage loan, with interest accruing at a rate of up to 5% per annum. Provides that if the borrower has continuously been a teacher for the 5-year period immediately following the date of recordation of the loan deed of trust, then repayment of the loan shall be forgiven and considered a grant. Provides that repayment of the principal and accrued interest is due and payable upon the occurrence of certain events. Effective immediately.
Senate Committee Amendment No. 1 Provides that the requirement that the Illinois Housing Development Authority establish and administer a teacher homebuyer assistance program and allocate funds is subject to appropriation.
Senate Floor Amendment No. 2 Changes the definition of "hard-to-staff school" to mean an elementary or secondary school that ranks in the upper third of schools in this State in the number of teachers who leave their positions. Provides that the State Board of Education shall rank schools for this purpose based on mobility and teacher attrition over a 5-year average.