310 ILCS 115/1
Short title
Short title. This Act may be cited as the Teacher Homebuyer Assistance Act. (Source: P.A. 95-449, eff. 8-27-07.)
Illinois Compiled Statutes 310 ILCS 115 — Teacher Homebuyer Assistance Act.
Illinois · statute · 310 ILCS 115 · 7 active provisions
Provisions
310 ILCS 115/5
Legislative findings and declarations
Legislative findings and declarations. The General Assembly finds and declares all of the following: (1) Attracting and retaining fully qualified teachers is of paramount importance in ensuring that pupils have fair access to a quality education and a fair chance to succeed academically. This is especially critical for…
310 ILCS 115/10
Definitions
Definitions. In this Act: "Authority" means the Illinois Housing Development Authority. "Hard-to-staff position" means a teaching category (such as special education, mathematics, or science) in which statewide data compiled by the State Board of Education indicates a multi-year pattern of substantial teacher shortage…
310 ILCS 115/15
Teacher homebuyer assistance program
Teacher homebuyer assistance program. (a) Subject to appropriation, the Authority shall establish and administer a teacher homebuyer assistance program and allocate funds in accordance with this Act. The purpose of this program is to provide down payment assistance to teachers for purchasing residences within the juris…
310 ILCS 115/20
Qualifying for loan
Qualifying for loan. In order to qualify for a loan under this Act, all of the following criteria must be met: (1) The borrower must qualify as a teacher. (2) The borrower's gross household income must not exceed 125% of the area median income, as defined by the U.S. Department of Housing and Urban Development. (3) The…
310 ILCS 115/25
Rules
Rules. The State Board of Education and the Authority may adopt any rules necessary to carry out their responsibilities under this Act. (Source: P.A. 95-449, eff. 8-27-07.)
310 ILCS 115/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 95-449, eff. 8-27-07.)