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| [ Introduced ] | [ House Amendment 001 ] |
92_HB3525eng HB3525 Engrossed LRB9208389MWpk 1 AN ACT in relation to housing. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Housing Development Act is 5 amended by changing Section 7 and adding Section 7.30 as 6 follows: 7 (20 ILCS 3805/7) (from Ch. 67 1/2, par. 307) 8 Sec. 7. The Authority may exercise the powers set forth 9 in Sections 7.1 through 7.307.26. 10 (Source: P.A. 87-250.) 11 (20 ILCS 3805/7.30 new) 12 Sec. 7.30. Financial assistance for new teachers. The 13 Authority may develop and implement a program of financial 14 assistance for new teachers purchasing a first home. The 15 program shall consist of financial assistance to recently 16 hired teachers to obtain 30-year mortgages, at interest rates 17 no greater than those for mortgages under the Authority's 18 other programs for first-time home buyers, for the purchase 19 of primary residences for the first time. Assistance shall 20 be available only to teachers employed by school districts 21 defined by the State Board of Education as financially needy 22 or experiencing a shortage of teachers. The program shall be 23 limited to persons employed at the time of application as 24 elementary or secondary public school teachers who have been 25 employed in any teaching positions cumulatively for no more 26 than 2 years at the time of application and who commit to 27 continue teaching in the public schools of the school 28 district for at least 3 years after their closing date. An 29 eligible residence must be located in Illinois and must be 30 the applicant's first purchase of a primary residence in any HB3525 Engrossed -2- LRB9208389MWpk 1 location. 2 The Authority shall adopt rules necessary for any program 3 authorized by this Section. 4 Section 99. Effective date. This Act takes effect July 5 1, 2001.