92nd General Assembly
Summary of SB1617
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Senate Sponsors:
LIGHTFORD.

Short description: 
TEACHER HOMEBUYER ASSISTANCE                                               

Synopsis of Bill 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   low-performing  challenge  schools  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.                                                                     
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



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