Rule 19(a) / Re-referred to Rules Committee
Summary
The bill directs the Illinois Housing Development Authority to launch a First‑Generation Homebuyer Down Payment Assistance Program that provides forgivable loans for down payments, closing costs, mortgage insurance, rate buydowns or principal reduction. It targets buyers who have never owned a home (or haven’t in three years) and whose parents never owned one, with household income up to 120% of area median income. Loans are forgiven over five years of continuous owner‑occupancy, with possible waivers for documented hardship.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
Topics
Track this bill
Get real-time alerts when HB 4283 changes status, plus AI-powered summaries and stage predictions.
Sign up free