HB6646 95TH GENERAL ASSEMBLY

LRB095 20960 HLH 49967 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB6646

Introduced , by Rep. Michael Tryon - Ronald A. Wait - Brent Hassert - Robert W. Pritchard - Patricia R. Bellock, et al.

SYNOPSIS AS INTRODUCED:

20 ILCS 3805/7.25i new

Amends the Illinois Housing Development Act. Provides that the Authority must use at least $1,000,000,000 of its borrowing authority to refinance residential adjustable-rate mortgages with increased interest rates that take effect within 5 years after the effective date of the amendatory Act. Provides that the Authority must work with entities in the private sector to make and manage the loans. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Housing Development Act is amended by adding Section 7.25i as follows:

(20 ILCS 3805/7.25i new)

Sec. 7.25i. Refinance residential mortgages. At least $1,000,000,000 of the Authority's borrowing authority must be used to refinance residential adjustable-rate mortgages with increased interest rates that have taken effect or will take effect within 5 years after the effective date of this amendatory Act of the 95th General Assembly. The Authority must work with entities in the private sector to make and manage the loans.

Section 99. Effective date. This Act takes effect upon becoming law.