HB4283 - 104th General Assembly (2025-2026)

1ST-GENERATION HOMEBUYER LOANS
Last Action
1/14/2026 - House: Referred to Rules Committee
Statutes Amended In Order of Appearance
20 ILCS 3805/7.34 new  
30 ILCS 105/5.1038 new  
Synopsis As Introduced
Amends the Illinois Housing Development Act. Requires the Illinois Housing Development Authority (Authority) to establish and administer a First-Generation Homebuyer Down Payment Assistance Program to provide targeted assistance to eligible first-generation homebuyers throughout the State for the purchase of a single-family or non-commercial multi-family residence. Sets forth eligibility requirements. Permits the Authority to prioritize assistance to applicants purchasing homes in designated community priority areas, applicants with household income below 80%, and applicants purchasing homes in areas with low homeownership rates, high housing costs burdens, or limited access to affordable mortgage credit. Provides that assistance under the program shall be provided as a forgivable loan to be forgiven pro rata on a monthly basis over a 5-year period of continuous owner-occupancy. Sets forth the available loan amounts and provides that assistance funds may be used for down payments, closing costs, mortgage insurance, interest rate buydowns, or principal reduction. Permits the Authority to waive repayment in cases of documented financial hardship that is beyond the control of the homebuyer. Permits the Authority to adopt rules to implement and administer the program. Effective July 1, 2026.
Actions
DateChamberAction
1/05/2026HouseFiled with the Clerk by Rep. Michael Crawford
1/14/2026HouseFirst Reading
1/14/2026HouseReferred to Rules Committee
1/15/2026HouseAdded Chief Co-Sponsor Rep. Lisa Davis