Illinois General Assembly - Full Text of HB4397
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Full Text of HB4397  94th General Assembly

HB4397 94TH GENERAL ASSEMBLY


 


 
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4397

 

Introduced 01/05/06, by Rep. Ronald A. Wait

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 605/605-955 new

    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


LRB094 15777 RSP 50993 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4397 LRB094 15777 RSP 50993 b

1     AN ACT concerning State government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Department of Commerce and Economic
5 Opportunity Law of the Civil Administrative Code of Illinois is
6 amended by adding Section 605-955 as follows:
 
7     (20 ILCS 605/605-955 new)
8     Sec. 605-955. National Guard and Reservist homebuyer
9 assistance.
10     (a) Subject to appropriation, the Department shall
11 establish and administer a guardsman and reservist homebuyer
12 assistance program. Under the program, an eligible applicant
13 may apply to the Department for financial assistance for a
14 portion of the down payment on the purchase of a house. The
15 financial assistance shall not exceed 10% of the purchase price
16 of the house and shall be in the form of a grant to the approved
17 eligible applicant. An eligible applicant may apply for
18 financial assistance up to 3 years following the completion of
19 active duty.
20     (b) As used in this Section, "eligible applicant" means a
21 member of the Illinois National Guard or the reserves of the
22 Armed Forces of the United State called to active duty after
23 September 11, 2001.
24     (c) The Department shall adopt necessary rules for the
25 implementation of this Section, including rules for the
26 solicitation, collection, and approval of applications and for
27 the distribution of program grants.
 
28     Section 99. Effective date. This Act takes effect July 1,
29 2006.