Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
2/3/2004	Senate	Filed with Secretary by Sen. Kimberly A. Lightford
2/3/2004	Senate	First Reading
2/3/2004	Senate	Referred to Rules
3/23/2004	Senate	Added as Chief Co-Sponsor Sen. Martin A. Sandoval
1/11/2005	Senate	Session Sine Die

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