Public Act 095-0285
 		





HB0272 Enrolled
LRB095 04005 HLH 24040 b






    AN ACT concerning State government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:

 
    Section 5. The Illinois Housing Development Act is amended  
by adding Section 7.29 as follows:
 
    (20 ILCS 3805/7.29  new)
    Sec. 7.29. National Guard and Reservist homebuyer 
assistance.
    (a) Subject to appropriation, the Authority shall 
establish and administer a guardsman and reservist homebuyer 
assistance program. Under the program, an eligible applicant 
may apply to a lender approved by the Authority for financial 
assistance for a portion of the down payment on the purchase of 
a house. The financial assistance: (i) shall not exceed 10% of 
the first $100,000 of the purchase price of the house, (ii) 
shall not exceed 5% of any amount of the purchase price in 
excess of $100,000, (iii) shall not exceed a total of  $15,000, 
and (iv) shall be in the form of a grant to the approved 
eligible applicant. An eligible applicant may apply for 
financial assistance up to 3 years following the completion of 
active duty.
    (b) As used in this Section, "eligible applicant" means a 
member of the Illinois National Guard or the reserves of the 
Armed Forces of the United States called to active duty after 
September 11, 2001 who is a legal resident of the State of 
Illinois and who was a legal resident of this State when called 
to active duty.
    (c) The Authority shall adopt necessary rules for the 
implementation of this Section, including rules for the 
solicitation, collection, and  approval of applications and for 
the distribution of program grants.

 
    Section 99. Effective date. This Act takes effect July 1, 
2007.



Effective Date:  8/20/2007