Illinois HB 4283: 1ST-GENERATION HOMEBUYER LOANS

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 Full Text of HB4283

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4283

Introduced 1/14/2026, by Rep. Michael Crawford 

SYNOPSIS AS INTRODUCED:

20 ILCS 3805/7.34 new

30 ILCS 105/5.1038 new

 Amends the Illinois Housing Development Act. Requires the Illinois Housing Development Authority (Authority) to establish and administer a First-Generation Homebuyer Down Payment Assistance Program to provide targeted assistance to eligible first-generation homebuyers throughout the State for the purchase of a single-family or non-commercial multi-family residence. Sets forth eligibility requirements. Permits the Authority to prioritize assistance to applicants purchasing homes in designated community priority areas, applicants with household income below 80%, and applicants purchasing homes in areas with low homeownership rates, high housing costs burdens, or limited access to affordable mortgage credit. Provides that assistance under the program shall be provided as a forgivable loan to be forgiven pro rata on a monthly basis over a 5-year period of continuous owner-occupancy. Sets forth the available loan amounts and provides that assistance funds may be used for down payments, closing costs, mortgage insurance, interest rate buydowns, or principal reduction. Permits the Authority to waive repayment in cases of documented financial hardship that is beyond the control of the homebuyer. Permits the Authority to adopt rules to implement and administer the program. Effective July 1, 2026.

LRB104 16472 KTG 29867 b

A BILL FOR

HB4283LRB104 16472 KTG 29867 b

1 AN ACT concerning State government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Housing Development Act is amende