summary
Introduced
01/05/2026
01/05/2026
In Committee
02/11/2026
02/11/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Housing Development Act. Requires the Illinois Housing Development Authority (Authority) to establish and administer a First-Generation Homebuyer Down Payment Assistance Program to provide targeted assistance to eligible first-generation homebuyers throughout the State for the purchase of a single-family or non-commercial multi-family residence. Sets forth eligibility requirements. Permits the Authority to prioritize assistance to applicants purchasing homes in designated community priority areas, applicants with household income below 80%, and applicants purchasing homes in areas with low homeownership rates, high housing costs burdens, or limited access to affordable mortgage credit. Provides that assistance under the program shall be provided as a forgivable loan to be forgiven pro rata on a monthly basis over a 5-year period of continuous owner-occupancy. Sets forth the available loan amounts and provides that assistance funds may be used for down payments, closing costs, mortgage insurance, interest rate buydowns, or principal reduction. Permits the Authority to waive repayment in cases of documented financial hardship that is beyond the control of the homebuyer. Permits the Authority to adopt rules to implement and administer the program. Effective July 1, 2026.
AI Summary
This bill establishes the First-Generation Homebuyer Down Payment Assistance Program, administered by the Illinois Housing Development Authority (Authority), to help individuals whose parents or legal guardians have never owned a home purchase their first home. The program will provide forgivable loans, meaning the loan is gradually forgiven over five years as long as the homebuyer continuously lives in the home as their primary residence. These funds can be used for down payments, closing costs, mortgage insurance, interest rate buydowns, or principal reduction on a single-family or non-commercial multi-family residence. The Authority can prioritize applicants who are purchasing homes in designated community priority areas, have household incomes below 80% of the area median income, or are buying in areas with low homeownership rates, high housing costs, or limited access to affordable mortgages. The Authority also has the discretion to waive loan repayment in cases of documented financial hardship beyond the homebuyer's control and can adopt rules to implement the program, which will become effective on July 1, 2026.
Committee Categories
Housing and Urban Affairs
Sponsors (5)
Michael Crawford (D)*,
Lisa Davis (D),
Kimberly du Buclet (D),
La Shawn Ford (D),
Yolonda Morris (D),
Last Action
House Housing Committee Hearing (10:00:00 2/25/2026 Room 413 Stratton Building) (on 02/25/2026)
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