Illinois General Assembly - Full Text of SB1129
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Full Text of SB1129  93rd General Assembly

SB1129 93rd General Assembly


                                     LRB093 09598 BDD 11415 b

 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
 5    amended  by  changing  Section  7  and adding Section 7.34 as
 6    follows:

 7        (20 ILCS 3805/7) (from Ch. 67 1/2, par. 307)
 8        Sec. 7. The Authority may exercise the powers  set  forth
 9    in Sections 7.1 through 7.34 7.26.
10    (Source: P.A. 87-250.)

11        (20 ILCS 3805/7.34 new)
12        Sec.   7.34.  Financial  assistance  for  teachers.   The
13    Authority may develop and implement a  program  of  financial
14    assistance, subject to appropriation, for teachers purchasing
15    a   first  home.  The  program  shall  consist  of  financial
16    assistance consisting of $5,000 grants and 3%  down  payments
17    to teachers to obtain 30-year mortgages, at interest rates no
18    greater  than those for mortgages under the Authority's other
19    programs for first-time home  buyers,  for  the  purchase  of
20    primary  residences  for the first time. The program shall be
21    limited to persons with  a  household  income  of  less  than
22    $100,000   per  year,  who  are  employed  as  elementary  or
23    secondary public school teachers at the time of  application,
24    and  who commit to continue teaching in the public schools of
25    the school district for at least 3 years after their  closing
26    date.   An eligible residence must be located in Illinois and
27    must be the applicant's first purchase of a primary residence
28    in any location.
29        The Authority shall adopt rules necessary for any program
30    authorized by this Section.