Bill Title: 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.

Spectrum: Partisan Bill (Republican 19-0)

Status: (Introduced - Dead) 2009-05-18 - Added Co-Sponsor Rep. Renée Kosel [HB4562 Detail]

Text: Latest bill text (Introduced) [HTML]

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