95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1101

 

Introduced , by Rep. Mary E. Flowers

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3805/7   from Ch. 67 1/2, par. 307
20 ILCS 3805/7.30 new

    Amends the Illinois Housing Development Act. Authorizes the Illinois Housing Development Authority to develop and implement a program of financial assistance to recently hired Illinois nurses and home-care workers purchasing their first primary residence. Limits the program to nurses and home-care workers employed in Cook County. Limits eligibility to nurses and home-care workers with no more than 2 years of employment who commit to continue working, for at least 3 years after their closing date, in Cook County. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1     AN ACT in relation to housing.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Housing Development Act is amended
5 by changing Section 7 and adding Section 7.30 as follows:
 
6     (20 ILCS 3805/7)  (from Ch. 67 1/2, par. 307)
7     Sec. 7. The Authority may exercise the powers set forth in
8 Sections 7.1 through 7.30 7.26.
9 (Source: P.A. 87-250.)
 
10     (20 ILCS 3805/7.30 new)
11     Sec. 7.30. Financial assistance for new nurses and
12 home-care workers. The Authority, in cooperation with the
13 Treasurer's office, shall develop and implement a program of
14 financial assistance for new nurses and home-care workers
15 purchasing a first home. The program shall consist of financial
16 assistance to recently hired nurses or home-care workers to
17 obtain 30-year mortgages, at interest rates no greater than
18 those for mortgages under the Authority's other programs for
19 first-time home buyers, for the purchase of primary residences
20 for the first time. Assistance is available only to those
21 nurses and home-care workers Cook County. The program is
22 limited to persons employed in any nursing or home-care

 

 

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1 position cumulatively for no more than 2 years at the time of
2 application and who commit to continue working, for at least 3
3 years after their closing date, as a nurse or home-care worker
4 Cook County. An eligible residence must be located in Illinois
5 and must be the applicant's first purchase of a primary
6 residence in any location.
7     The Authority, in cooperation with the State Treasurer,
8 shall adopt rules necessary for any program authorized by this
9 Section.
 
10     Section 99. Effective date. This Act takes effect upon
11 becoming law.