92nd General Assembly
Summary of HB0500
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House Sponsors:
HAMOS-KENNER-BOST-WIRSING-CROTTY, MCKEON, FLOWERS, 
   FEIGENHOLTZ, FRANKS, SCULLY, RYAN, MCCARTHY, FORBY, 
   DAVIS,MONIQUE, SCOTT, MORROW, OSTERMAN, GILES, MILLER, 
   DELGADO, BOLAND, CURRY,JULIE, O'BRIEN, REITZ, YOUNGE AND MATHIAS.

Senate Sponsors:
MYERS-PETERSON-WALSH,T-SULLIVAN

Short description: 
EMERGENCY MORTGAGE ASSISTANCE                                              

Synopsis of Bill as introduced:
        Amends  the  Illinois  Housing  Development  Act.   Creates   the      
   Homeowners  Emergency  Mortgage  Assistance  and  Counseling  Program.      
   Allows  the  Illinois  Housing Development Authority to make grants to      
   designated agencies.  Provides that the designated agencies  must  use      
   grant  moneys to make mortgage payments on behalf of mortgagors.  Sets      
   requirements for eligibility for assistance.  Requires  mortgagors  to      
   repay  the assistance.  Requires the Authority to maintain a toll-free      
   telephone number  to  inform  mortgagors  and  the  public  about  the      
   Homeowners  Emergency  Mortgage  Assistance  and  Counseling  Program.      
   Requires  mortgagees  to  include  a  notice that the mortgagor may be      
   eligible for assistance under the Program with notices of  delinquency      
   mailed  to  mortgagors.   Amends  the  State Finance Act to create the      
   Homeowners  Emergency  Mortgage  Assistance   and   Counseling   Fund.      
   Effective immediately.                                                      
          FISCAL NOTE (Illinois Housing Development Authority)                 
          House Bill 500 requires the authority to establish a program to      
          prevent foreclosures by providing temporary loans for payments       
          on mortgages for single-family residences under certain cir-         
          cumstances. The legislation does not reference a funding level,      
          and without specific information regarding the scale and scope       
          of the proposal its fiscal effect on IHDA cannot be determined.      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status