IHDA-HOUSING STABILZATION LOAN House SponsorsRep. Constance A. Howard-LaShawn K. Ford-Elizabeth Hernandez-Edward J. Acevedo, Daniel V. Beiser, Patrick J Verschoore, Deborah L. Graham, Milton Patterson, Jack D. Franks, Monique D. Davis, Elga L. Jefferies, Patricia R. Bellock, Arthur L. Turner and Raymond Poe Senate Sponsors(Sen. Mattie Hunter-James T. Meeks-Jacqueline Y. Collins and Martin A. Sandoval-Iris Y. Martinez-Donne E. Trotter) 8/15/2008HousePublic Act . . . . . . . . . 95-0834 New Act Creates the Housing Stabilization Act. Directs the Illinois Housing Development Authority to establish and administer a program under which the State shall guarantee refinancing loans to homeowners who are either in foreclosure or at risk of being in foreclosure. Provides that the State shall guarantee these loans for 5 years, at which time, if the homeowner is current and has not gone more than 30 days past-due more than 3 times during the first 60 months of the refinancing of his or her mortgage, the State's responsibility to guarantee the loan shall cease. Provides that if at the end of 5 years the homeowner is not current or has gone 30 days past-due more than 3 times, the State shall continue to guarantee the loan for an additional 36 months. Provides for a State guarantee of up to $3,000,000,000 each year for 3 years. Sets forth qualifications for homeowners and banks to participate in the program and other features of the program. Effective immediately.House Amendment No. 1 Deletes references to rules to be adopted by the Illinois Housing Development Authority. Provides that neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any rulemaking authority under the Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.House Amendment No. 2 Deletes reference to:New ActAdds reference to:15 ILCS 520/7from Ch. 130, par. 26Deletes everything after the enacting clause. Amends the Deposit of State Moneys Act. Authorizes certain linked deposits for loans to persons refinancing a home as well as for purchasing a home. Provides that for a "home loan", the principal amount of the loan may not exceed the conforming loan size limit (instead of 50% of that limit for a single-family dwelling) established by the Federal National Mortgage Association. Effective immediately. 1/24/2008HouseFiled with the Clerk by Rep. Constance A. Howard 1/25/2008HouseFirst Reading 1/25/2008HouseReferred to Rules Committee 2/13/2008HouseAdded Chief Co-Sponsor Rep. LaShawn K. Ford 3/3/2008HouseAssigned to Housing and Urban Development Committee 3/12/2008HouseHouse Amendment No. 1 Filed with Clerk by Housing and Urban Development Committee 3/12/2008HouseHouse Amendment No. 2 Filed with Clerk by Housing and Urban Development Committee 3/12/2008HouseHouse Amendment No. 1 Adopted in Housing and Urban Development Committee; by Voice Vote 3/12/2008HouseHouse Amendment No. 2 Adopted in Housing and Urban Development Committee; by Voice Vote 3/12/2008HouseDo Pass as Amended / Short Debate Housing and Urban Development Committee; 008-000-000 3/13/2008HousePlaced on Calendar 2nd Reading - Short Debate 4/3/2008HouseAdded Co-Sponsor Rep. Daniel V. Beiser 4/3/2008HouseAdded Chief Co-Sponsor Rep. Elizabeth Hernandez 4/3/2008HouseAdded Chief Co-Sponsor Rep. Edward J. Acevedo 4/7/2008HouseAdded Co-Sponsor Rep. Patrick J Verschoore 4/8/2008HouseSecond Reading - Short Debate 4/8/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/9/2008HouseAdded Co-Sponsor Rep. Deborah L. Graham 4/9/2008HouseAdded Co-Sponsor Rep. Milton Patterson 4/9/2008HouseAdded Co-Sponsor Rep. Jack D. Franks 4/9/2008HouseAdded Co-Sponsor Rep. Monique D. Davis 4/9/2008HouseAdded Co-Sponsor Rep. Elga L. Jefferies 4/9/2008HouseAdded Co-Sponsor Rep. Patricia R. Bellock 4/9/2008HouseAdded Co-Sponsor Rep. Arthur L. Turner 4/9/2008HouseAdded Co-Sponsor Rep. Raymond Poe 4/9/2008HouseThird Reading - Short Debate - Passed 115-000-000 4/10/2008SenateArrive in Senate 4/10/2008SenatePlaced on Calendar Order of First Reading 4/10/2008SenateChief Senate Sponsor Sen. Mattie Hunter 4/10/2008SenateAdded as Alternate Chief Co-Sponsor Sen. James T. Meeks 4/10/2008SenateFirst Reading 4/10/2008SenateReferred to Rules 4/15/2008SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins 4/16/2008SenateAdded as Alternate Co-Sponsor Sen. Martin A. Sandoval 4/30/2008SenateAssigned to Housing and Community Affairs 5/7/2008SenateAdded as Alternate Chief Co-Sponsor Sen. Iris Y. Martinez 5/8/2008SenateDo Pass Housing and Community Affairs; 008-000-000 5/8/2008SenatePlaced on Calendar Order of 2nd Reading May 13, 2008 5/13/2008SenateSecond Reading 5/13/2008SenatePlaced on Calendar Order of 3rd Reading May 14, 2008 5/20/2008SenateAdded as Alternate Chief Co-Sponsor Sen. Donne E. Trotter 5/20/2008SenateThird Reading - Passed; 057-000-000 5/20/2008HousePassed Both Houses 6/18/2008HouseSent to the Governor 8/15/2008HouseGovernor Approved 8/15/2008HouseEffective Date August 15, 2008 8/15/2008HousePublic Act . . . . . . . . . 95-0834