summary
Introduced
02/03/2026
02/03/2026
In Committee
02/06/2026
02/06/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Creates the Owner-Occupied Housing Incentive Act. Requires the Illinois Housing Development Authority to administer an owner-occupant housing incentive program that provides financial incentives to qualifying purchasers for the purchase of moderately priced owner-occupied homes. Requires the Authority to develop necessary forms, establish verification procedures, and adopt rules to implement the program that are consistent with the provisions of the Act. Requires the Authority to provide a $7,500 owner-occupant housing incentive to any qualifying purchaser of an eligible property. Provides that the owner-occupant housing incentive may be provided as a grant, closing cost credit, down payment assistance, or any other similar mechanism approved by the Authority, subject to available appropriations. Contains provisions concerning eligibility requirements; hardship exemptions; program restrictions; verification and compliance; and penalties and repayment. Provides that the Act shall be construed narrowly to promote owner-occupied home purchases and that nothing in the Act shall be interpreted to regulate or restrict lawful rental housing, landlord activity, or property ownership outside the scope of the incentive created under the Act. Effective immediately.
AI Summary
This bill establishes the Owner-Occupied Housing Incentive Act, tasking the Illinois Housing Development Authority (IHDA) with administering a program to provide financial incentives to individuals and families purchasing homes they intend to live in as their primary residence. The program will offer a $7,500 incentive, which can be provided as a grant, closing cost credit, or down payment assistance, to qualifying purchasers of eligible properties, defined as single-family homes not intended for rental or purchase by entities other than natural persons or certain trusts. To qualify, purchasers must be Illinois residents, intend to occupy the home for at least 12 months, and meet certain purchase price limits based on regional market data, with restrictions against "straw buyers" (individuals buying on behalf of investors) and properties intended for rental. The bill outlines eligibility requirements, hardship exemptions for situations like military deployment or medical emergencies, and penalties for failing to meet occupancy requirements, including repayment of the incentive and a civil penalty. The Act emphasizes a narrow interpretation to promote owner-occupied home purchases and explicitly states it does not regulate lawful rental housing or landlord activities outside the scope of this incentive program.
Sponsors (1)
Last Action
Referred to Rules Committee (on 02/06/2026)
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