Synopsis As Introduced Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that, subject to appropriation, the Department shall establish and administer a guardsman and reservist homebuyer assistance program. Authorizes an eligible applicant of the program to apply to the Department for financial assistance for a portion of the down payment on the purchase of a house. Provides that the financial assistance shall not exceed 10% of the purchase price of the house and shall be in the form of a grant and that an eligible applicant may apply for financial assistance up to 3 years following the completion of active duty. Defines "eligible applicant". Authorizes the Department to adopt necessary rules for the program. Effective July 1, 2006
Deletes everything after the enacting clause. Amends the Illinois Housing Development Act to provide that the National Guard and Reservist homebuyer assistance program shall be administered by the Illinois Housing Development Authority. Sets forth that financial assistance under the program (i) shall not exceed 10% of the first $100,000 of the purchase price of the house, (ii) shall not exceed 5% of any amount of the purchase price in excess of $100,000, (iii) shall not exceed a total of $15,000, and (iv) shall be in the form of a grant to the approved eligible applicant. Provides that an "eligible applicant" means a member of the Illinois National Guard or the reserves of the Armed Forces of the United States called to active duty after September 11, 2001 who is a legal resident of the State of Illinois and who was a legal resident of this State when called to active duty. Effective July 1, 2006.
House Floor Amendment No. 2 Provides that eligible applicants may apply to a lender approved by the Authority for the program assistance (instead of applying to the Authority).