Illinois General Assembly - Full Text of HB2345
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Full Text of HB2345  93rd General Assembly

HB2345sam001 93rd General Assembly



                                     LRB093 10937 DRJ 16091 a

 1                    AMENDMENT TO HOUSE BILL 2345

 2        AMENDMENT NO.     .  Amend House Bill 2345 on page 6,  by
 3    replacing lines 10 through 31 with the following;

 4        "Section  90.  The  Illinois  Housing  Development Act is
 5    amended by changing Section 7  and  adding  Section  7.30  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 7.30 7.26.
10    (Source: P.A. 87-250.)

11        (20 ILCS 3805/7.30 new)
12        Sec. 7.30.  Financial assistance for new  teachers.   The
13    Authority  may  develop  and implement a program of financial
14    assistance for new teachers  purchasing  a  first  home.  The
15    program  shall  consist  of  financial assistance to recently
16    hired teachers to obtain 30-year mortgages, at interest rates
17    no greater than those for  mortgages  under  the  Authority's
18    other  programs  for first-time home buyers, for the purchase
19    of primary residences for the first time.   Assistance  shall
20    be  available  only  to teachers employed by school districts
21    defined by the State Board of Education as financially  needy
                            -2-      LRB093 10937 DRJ 16091 a
 1    or experiencing a shortage of teachers.  The program shall be
 2    limited  to  persons  employed  at the time of application as
 3    elementary or secondary public school teachers who have  been
 4    employed  in  any teaching positions cumulatively for no more
 5    than 2 years at the time of application  and  who  commit  to
 6    continue  teaching  in  the  public  schools  of  the  school
 7    district  for  at least 3 years after their closing date.  An
 8    eligible residence must be located in Illinois  and  must  be
 9    the  applicant's first purchase of a primary residence in any
10    location.
11        The Authority shall adopt rules necessary for any program
12    authorized by this Section.

13        Section 99.  Effective date.  This Section and Section 90
14    take effect on July 1, 2003.".