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State Government Administration Committee
Filed: 2/1/2006
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09400HB4397ham001 |
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LRB094 15777 RSP 55263 a |
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| AMENDMENT TO HOUSE BILL 4397
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| AMENDMENT NO. ______. Amend House Bill 4397 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Illinois Housing Development Act is amended |
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| by adding Section 7.29 as follows:
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| (20 ILCS 3805/7.29 new) |
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| Sec. 7.29. National Guard and Reservist homebuyer |
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| assistance. |
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| (a) Subject to appropriation, the Authority shall |
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| establish and administer a guardsman and reservist homebuyer |
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| assistance program. Under the program, an eligible applicant |
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| may apply to the Authority for financial assistance for a |
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| portion of the down payment on the purchase of a house. The |
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| financial assistance: (i) shall not exceed 10% of the first |
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| $100,000 of the purchase price of the house, (ii) shall not |
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| exceed 5% of any amount of the purchase price in excess of |
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| $100,000, (iii) shall not exceed a total of $15,000, and (iv) |
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| shall be in the form of a grant to the approved eligible |
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| applicant. An eligible applicant may apply for financial |
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| assistance up to 3 years following the completion of active |
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| duty. |
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| (b) As used in this Section, "eligible applicant" means a |
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| member of the Illinois National Guard or the reserves of the |
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| Armed Forces of the United States called to active duty after |