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


State Government Administration Committee

Filed: 2/1/2006





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2     AMENDMENT NO. ______. Amend House Bill 4397 by replacing
3 everything after the enacting clause with the following:
4     "Section 5. The Illinois Housing Development Act is amended
5 by adding Section 7.29 as follows:
6     (20 ILCS 3805/7.29 new)
7     Sec. 7.29. National Guard and Reservist homebuyer
8 assistance.
9     (a) Subject to appropriation, the Authority shall
10 establish and administer a guardsman and reservist homebuyer
11 assistance program. Under the program, an eligible applicant
12 may apply to the Authority for financial assistance for a
13 portion of the down payment on the purchase of a house. The
14 financial assistance: (i) shall not exceed 10% of the first
15 $100,000 of the purchase price of the house, (ii) shall not
16 exceed 5% of any amount of the purchase price in excess of
17 $100,000, (iii) shall not exceed a total of $15,000, and (iv)
18 shall be in the form of a grant to the approved eligible
19 applicant. An eligible applicant may apply for financial
20 assistance up to 3 years following the completion of active
21 duty.
22     (b) As used in this Section, "eligible applicant" means a
23 member of the Illinois National Guard or the reserves of the
24 Armed Forces of the United States called to active duty after



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1 September 11, 2001 who is a legal resident of the State of
2 Illinois and who was a legal resident of this State when called
3 to active duty.
4     (c) The Authority shall adopt necessary rules for the
5 implementation of this Section, including rules for the
6 solicitation, collection, and approval of applications and for
7 the distribution of program grants.
8     Section 99. Effective date. This Act takes effect July 1,
9 2006.".