Illinois General Assembly - Full Text of HB0272
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Full Text of HB0272  95th General Assembly



HB0272 Enrolled LRB095 04005 HLH 24040 b

1     AN ACT concerning State government.
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 amended
5 by adding Section 7.29 as follows:
6     (20 ILCS 3805/7.29 new)
7     Sec. 7.29. National Guard and Reservist homebuyer
8 assistance.
9     (a) Subject to appropriation, the Authority shall
10 establish and administer a guardsman and reservist homebuyer
11 assistance program. Under the program, an eligible applicant
12 may apply to a lender approved by the Authority for financial
13 assistance for a portion of the down payment on the purchase of
14 a house. The financial assistance: (i) shall not exceed 10% of
15 the first $100,000 of the purchase price of the house, (ii)
16 shall not exceed 5% of any amount of the purchase price in
17 excess of $100,000, (iii) shall not exceed a total of $15,000,
18 and (iv) shall be in the form of a grant to the approved
19 eligible applicant. An eligible applicant may apply for
20 financial assistance up to 3 years following the completion of
21 active duty.
22     (b) As used in this Section, "eligible applicant" means a
23 member of the Illinois National Guard or the reserves of the



HB0272 Enrolled - 2 - LRB095 04005 HLH 24040 b

1 Armed Forces of the United States called to active duty after
2 September 11, 2001 who is a legal resident of the State of
3 Illinois and who was a legal resident of this State when called
4 to active duty.
5     (c) The Authority shall adopt necessary rules for the
6 implementation of this Section, including rules for the
7 solicitation, collection, and approval of applications and for
8 the distribution of program grants.
9     Section 99. Effective date. This Act takes effect July 1,
10 2007.