HB4852

Illinois HB4852 establishes an owner-occupied housing incentive program offering $7,500 to qualifying purchasers.

HB4852 creates the Owner-Occupied Housing Incentive Act, which mandates the Illinois Housing Development Authority to administer a program offering financial incentives to qualifying purchasers of moderately priced owner-occupied homes. To qualify, purchasers must be natural persons, purchase an eligible property under a regional price cap, and intend to occupy the property as their primary residence for at least 12 consecutive months. The incentive can be provided as a grant, closing cost credit, or down payment assistance.