Illinois General Assembly - Bill Status for SB2541
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 Bill Status of SB2541  93rd General Assembly


Short Description:  TEACHER HOMEBUYER ASSISTANCE

Senate Sponsors
Sen. Kimberly A. Lightford - Martin A. Sandoval

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Teacher Homebuyer Assistance Act. Requires the Illinois Housing Development Authority to establish and administer a program to provide down payment assistance to public school teachers who teach in low-performing challenge schools for purchasing residences within the school district. Provides that the assistance shall be in the form of a deferred payment, low-interest subordinate mortgage loan with a term not longer than the term of the first mortgage loan, with interest accruing at a rate of up to 5% per annum. Provides that if the borrower has continuously been a teacher for the 5-year period immediately following the date of recordation of the loan deed of trust, then repayment of the loan shall be forgiven and considered a grant. Provides that repayment of the principal and accrued interest is due and payable upon the occurrence of certain events.

Actions 
DateChamber Action
  2/3/2004SenateFiled with Secretary by Sen. Kimberly A. Lightford
  2/3/2004SenateFirst Reading
  2/3/2004SenateReferred to Rules
  3/23/2004SenateAdded as Chief Co-Sponsor Sen. Martin A. Sandoval
  1/11/2005SenateSession Sine Die

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