Bill > HB4603

This bill appropriates $50,000,000 from the state's General Revenue Fund to the Illinois Housing Development Authority (IHDA), a state agency responsible for financing affordable housing. This money will be placed into a dedicated fund called the First-Generation Homebuyer Down Payment Assistance Fund. The purpose of this fund is to provide financial assistance for down payments and closing costs to individuals who are buying their first home and whose parents or legal guardians did not own a home. The appropriation also covers administrative expenses related to this program, which is designed to help first-generation homebuyers overcome financial barriers to homeownership and is set to become effective on July 1, 2026.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4603&GAID=18&DocTypeID=HB&SessionID=114&GA=104