95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4747


 
Introduced , by Rep. Patricia R. Bellock
 
SYNOPSIS AS INTRODUCED:
 		













20 ILCS 3805/7.24i new










    Amends the Illinois Housing Development Act. Provides that, subject to appropriations for that purpose, the Illinois Housing Development Authority may make, purchase, or participate
in mortgage loans to parents of children with disabilities to
finance the purchase of
residential real property. Provides that loans shall be secured as determined by the Authority and may be in a principal amount, bear
interest at a rate, have other terms and conditions, and be
repaid within a period as the Authority determines.
















LRB095 15701 DRJ 41708 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4747

LRB095 15701 DRJ 41708 b






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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Housing Development Act is amended  
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by adding Section 7.24i as follows:
 
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    (20 ILCS 3805/7.24i  new)
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    Sec. 7.24i. Loans to parents of children with disabilities.
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    (a) Subject to appropriations for that purpose, the 
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Authority may make, purchase, or participate
in mortgage loans 
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to parents of children with disabilities to
finance the 
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purchase of
residential real property.
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    (b) A loan under this Section shall be secured as 
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determined by the Authority.
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    (c) A loan under this Section may be in a principal amount, 
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bear
interest at a rate, have other terms and conditions, and 
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be
repaid within a period as the Authority determines.
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    (d) The Authority shall adopt rules as necessary to 
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implement this Section, including rules for defining "children 
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with disabilities".