House Sponsors: HAMOS-KENNER-BOST-WIRSING-CROTTY, MCKEON, FLOWERS, FEIGENHOLTZ, FRANKS, SCULLY, RYAN, MCCARTHY, FORBY, DAVIS,MONIQUE, SCOTT, MORROW, OSTERMAN, GILES, MILLER, DELGADO, BOLAND, CURRY,JULIE, O'BRIEN, REITZ, YOUNGE AND MATHIAS. Senate Sponsors: MYERS-PETERSON-WALSH,T-SULLIVAN Short description: EMERGENCY MORTGAGE ASSISTANCE Synopsis of Bill as introduced: Amends the Illinois Housing Development Act. Creates the Homeowners Emergency Mortgage Assistance and Counseling Program. Allows the Illinois Housing Development Authority to make grants to designated agencies. Provides that the designated agencies must use grant moneys to make mortgage payments on behalf of mortgagors. Sets requirements for eligibility for assistance. Requires mortgagors to repay the assistance. Requires the Authority to maintain a toll-free telephone number to inform mortgagors and the public about the Homeowners Emergency Mortgage Assistance and Counseling Program. Requires mortgagees to include a notice that the mortgagor may be eligible for assistance under the Program with notices of delinquency mailed to mortgagors. Amends the State Finance Act to create the Homeowners Emergency Mortgage Assistance and Counseling Fund. Effective immediately. FISCAL NOTE (Illinois Housing Development Authority) House Bill 500 requires the authority to establish a program to prevent foreclosures by providing temporary loans for payments on mortgages for single-family residences under certain cir- cumstances. The legislation does not reference a funding level, and without specific information regarding the scale and scope of the proposal its fiscal effect on IHDA cannot be determined. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status