Illinois HB4283 establishes a First-Generation Homebuyer Down Payment Assistance Program.
HB4283 creates a program to aid first-generation homebuyers in Illinois. The Illinois Housing Development Authority will administer the program, providing targeted assistance for down payments, closing costs, mortgage insurance, interest-rate buydowns, or principal reduction. Eligible applicants must have resided in Illinois for at least a year, have a household income at or below 120% of the area median income, and meet specific criteria such as never owning a home or having parents who never owned a home.
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