IL HB4283

Establishes the First-Generation Homebuyer Down Payment Assistance Program administered by the Illinois Housing Development Authority to provide forgivable loans for purchasing single-family or non-commercial multi-family residences

Eligible applicants must be Illinois residents for at least one year, have household income at or below 120% of area median income, have never owned a home (or not in the last 3 years), and have parents who never owned a home or were in foster/kinship/institutional care before age 18

Standard assistance provides the greater of 10% of the purchase price or $20,000; community priority area assistance provides the greater of 15% of the purchase price or $30,000

Loans are forgiven pro rata on a monthly basis over 5 years of continuous owner-occupancy; funds may be used for down payments, closing costs, mortgage insurance, interest rate buydowns, or principal reduction

Creates the First-Generation Homebuyers Down Payment Assistance Fund in the State treasury; requires the Authority to conduct statewide outreach, provide multilingual information, and issue annual public reports on program outcomes; effective July 1, 2026