DEMUZIO-LIGHTFORD-DILLARD-SILVERSTEIN. New Act 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. FEB-22-2001 S FIRST READING FEB-22-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE EXECUTIVE FEB-28-2001 S ADDED AS A CHIEF CO-SPONSOR DILLARD MAR-08-2001 S TO SUBCOMMITTEE MAR-08-2001 S COMMITTEE EXECUTIVE MAR-27-2001 S ADDED AS A CHIEF CO-SPONSOR SILVERSTEIN MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary