Illinois HB4603 allocates $50 million to assist first-generation homebuyers with down payments and closing costs.
Illinois HB4603 provides $50 million from the General Revenue Fund to the Illinois Housing Development Authority. This funding is intended for the First-Generation Homebuyer Down Payment Assistance Fund, which helps eligible first-generation homebuyers with down payments and closing costs. The bill also covers administrative expenses under the First-Generation Homebuyer Down Payment Assistance Program. The provisions take effect on July 1, 2026.
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