IL HB4562 | 2009-2010 | 96th General Assembly
Status
May 18 2009 - Added Co-Sponsor Rep. Renée Kosel
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Tax Credit Advantage Loan Program Act. Provides that the Illinois Housing Development Authority may, in cooperation with eligible lenders, establish a program to make tax credit advantage loans, secured by a second mortgage, available to qualified home buyers for qualified home purchases. Limits loans under this program to no more than $4,800 or 6% of the contract purchase price of the home, whichever is less. Provides that if a tax credit advantage loan is repaid on or before June 30, 2010, then it shall not accrue interest. Provides that if a tax credit advantage loan is not repaid by that date, then it shall bear interest at a rate that is one-half of a percentage point higher than the interest rate of the first mortgage. Grants the Authority emergency rulemaking powers. Defines "Authority", "eligible lender", "I-LOAN program", "qualified home buyer", "qualified home purchase", and "tax credit advantage loan". Effective immediately.
Title
TAX CREDIT ADVANTAGE LOAN PROG
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2009-05-18 | Added Co-Sponsor Rep. Renée Kosel | |
| 2009-05-15 | Added Co-Sponsor Rep. John D. Cavaletto | |
| 2009-05-15 | Added Co-Sponsor Rep. Jerry L. Mitchell | |
| 2009-05-15 | Added Co-Sponsor Rep. Donald L. Moffitt | |
| 2009-05-15 | Added Co-Sponsor Rep. Kay Hatcher | |
| 2009-05-15 | Added Co-Sponsor Rep. Rich Brauer | |
| 2009-05-15 | Added Co-Sponsor Rep. Jim Sacia | |
| 2009-05-15 | Added Co-Sponsor Rep. Mark H. Beaubien, Jr. | |
| 2009-05-15 | Added Co-Sponsor Rep. Ed Sullivan, Jr. | |
| 2009-05-15 | Added Co-Sponsor Rep. Bob Biggins | |
| 2009-05-15 | Added Co-Sponsor Rep. Elizabeth Coulson | |
| 2009-05-15 | Added Co-Sponsor Rep. Robert W. Pritchard | |
| 2009-05-15 | Added Co-Sponsor Rep. Randy Ramey, Jr. | |
| 2009-05-15 | Added Co-Sponsor Rep. Franco Coladipietro | |
| 2009-05-15 | Added Chief Co-Sponsor Rep. Dennis M. Reboletti | |
| 2009-05-15 | Added Chief Co-Sponsor Rep. Michael G. Connelly | |
| 2009-05-15 | Added Chief Co-Sponsor Rep. Ronald A. Wait | |
| 2009-05-15 | Added Chief Co-Sponsor Rep. Sandra M. Pihos | |
| 2009-05-14 | Referred to Rules Committee | |
| 2009-05-14 | First Reading | |
| 2009-05-14 | Filed with the Clerk by Rep. Darlene J. Senger |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=4562&GAID=10&DocTypeID=HB&SessionID=76&GA=96 |
| Text | http://www.ilga.gov/legislation/96/HB/09600HB4562.htm |
