Section 750.120  Benefits of Program Certification

Program Participants shall receive the following benefits upon certification, provided such Participants acquire an ownership interest in residential real estate prior to expiration of certification:

a)         Exemption from paying the State Real Estate Transfer tax, to the extent specified in the Certification Notice, where it is the contractual responsibility of the Participant to purchase the transfer tax stamps;

b)         Priority position for making applications for mortgages in the Illinois Housing Development Authority's Single Family Mortgage Purchase Program;

c)         Priority over persons who are not so certified in the Treasurer's housing programs;

d)         All income earned on H.O.M.E. investments during participation in the program may be subtracted in computing the Participant's Illinois base income for the year in which the Participant acquires his or her interest in residential real estate under the Illinois Income Tax Act.