|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4397
Introduced 01/05/06, by Rep. Ronald A. Wait SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Department of Commerce and Economic Opportunity Law of the
Civil Administrative Code of Illinois. Provides that, subject to appropriation, the Department shall establish and administer a guardsman and reservist homebuyer assistance program. Authorizes an eligible applicant of the program to apply to the Department for financial assistance for a portion of the down payment on the purchase of a house. Provides that the financial assistance shall not exceed 10% of the purchase price of the house and shall be in the form of a grant and that an eligible applicant may apply for financial assistance up to 3 years following the completion of active duty. Defines "eligible applicant". Authorizes the Department to adopt necessary rules for the program. Effective July 1, 2006
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
HB4397 |
|
LRB094 15777 RSP 50993 b |
|
|
| 1 |
| AN ACT concerning State government.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Department of Commerce and Economic |
| 5 |
| Opportunity Law of the
Civil Administrative Code of Illinois is |
| 6 |
| amended by adding Section 605-955 as follows:
|
| 7 |
| (20 ILCS 605/605-955 new) |
| 8 |
| Sec. 605-955. National Guard and Reservist homebuyer |
| 9 |
| assistance. |
| 10 |
| (a) Subject to appropriation, the Department shall |
| 11 |
| establish and administer a guardsman and reservist homebuyer |
| 12 |
| assistance program. Under the program, an eligible applicant |
| 13 |
| may apply to the Department for financial assistance for a |
| 14 |
| portion of the down payment on the purchase of a house. The |
| 15 |
| financial assistance shall not exceed 10% of the purchase price |
| 16 |
| of the house and shall be in the form of a grant to the approved |
| 17 |
| eligible applicant. An eligible applicant may apply for |
| 18 |
| financial assistance up to 3 years following the completion of |
| 19 |
| active duty. |
| 20 |
| (b) As used in this Section, "eligible applicant" means a |
| 21 |
| member of the Illinois National Guard or the reserves of the |
| 22 |
| Armed Forces of the United State called to active duty after |
| 23 |
| September 11, 2001. |
| 24 |
| (c) The Department shall adopt necessary rules for the |
| 25 |
| implementation of this Section, including rules for the |
| 26 |
| solicitation, collection, and approval of applications and for |
| 27 |
| the distribution of program grants.
|
| 28 |
| Section 99. Effective date. This Act takes effect July 1, |
| 29 |
| 2006.
|