Illinois General Assembly - Bill Status for HB5653

Creates the Student Loan Forgiveness Homebuyer Program. Provides that subject to appropriation, the Illinois Housing Development Authority shall establish and administer a student loan forgiveness homebuyer program for the purpose of providing financial assistance to a homeowner for purchasing the homeowner's primary residence and making payments on the homeowner's student loan debt. Provides that the Authority shall determine the terms and qualifications for financial assistance under the program, including: (i) that the homebuyer under the program be a first-time homebuyer; and (ii) that the homebuyer under the program have student loan debt from a college, university, vocational school, or other post-secondary educational institution, and that the student loan debt be in the name of the homebuyer. Sets forth certain factors the Authority may consider when determining guidelines for the program. Provides that the Authority may make, participate in making, and undertake a commitment for specified financial assistance to a homebuyer under the program in amounts and types determined by the Authority based on industry standards of similar homebuyers, and in conjunction with other homebuyer programs the Authority administers. Provides that the Authority may purchase or commit to purchase from a lending institution a note, mortgage, or partial interest in a note or mortgage that evidences a residential mortgage loan to a homebuyer for purchasing the homeowner's primary residence in conjunction with obtaining separate financial assistance from the Authority for making payments on the homeowner's student loan debt.

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