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 Full Text Bill Status