state_legiscan_drain · IL
1ST-GENERATION HOMEBUYER LOANS
January 5, 2026
Summary
If enacted, this bill would create a First-Generation Homebuyer Down Payment Assistance Program administered by the Illinois Housing Development Authority. It would provide forgivable loans of up to an unspecified amount for down payments, closing costs, mortgage insurance, rate buydowns, or principal reduction to eligible first-generation homebuyers, with priority for low-income buyers and those in designated areas. The loans would be forgiven over five years of continuous occupancy, with hardship waivers available.
AI-generated summary · Jun 8, 2026. Verify with your compliance counsel before acting.
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Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=4283&GAID=18&DocTypeID=HB&SessionID=114&GA=104
Common questions
- What does "1ST-GENERATION HOMEBUYER LOANS" cover?
- If enacted, this bill would create a First-Generation Homebuyer Down Payment Assistance Program administered by the Illinois Housing Development…
- When was it published?
- It was published on January 5, 2026.
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