TAX CREDIT ADVANTAGE LOAN PROG House SponsorsRep. Darlene J. Senger-Sandra M. Pihos-Ronald A. Wait-Michael G. Connelly-Dennis M. Reboletti, Franco Coladipietro, Randy Ramey, Jr., Robert W. Pritchard, Elizabeth Coulson, Bob Biggins, Ed Sullivan, Jr., Mark H. Beaubien, Jr., Jim Sacia, Rich Brauer, Kay Hatcher, Donald L. Moffitt, Jerry L. Mitchell, John D. Cavaletto and Renée Kosel 1/11/2011HouseSession Sine Die New Act Creates the Tax Credit Advantage Loan Program Act. Provides that the Illinois Housing Development Authority may, in cooperation with eligible lenders, establish a program to make tax credit advantage loans, secured by a second mortgage, available to qualified home buyers for qualified home purchases. Limits loans under this program to no more than $4,800 or 6% of the contract purchase price of the home, whichever is less. Provides that if a tax credit advantage loan is repaid on or before June 30, 2010, then it shall not accrue interest. Provides that if a tax credit advantage loan is not repaid by that date, then it shall bear interest at a rate that is one-half of a percentage point higher than the interest rate of the first mortgage. Grants the Authority emergency rulemaking powers. Defines "Authority", "eligible lender", "I-LOAN program", "qualified home buyer", "qualified home purchase", and "tax credit advantage loan". Effective immediately. 5/14/2009HouseFiled with the Clerk by Rep. Darlene J. Senger 5/14/2009HouseFirst Reading 5/14/2009HouseReferred to Rules Committee 5/15/2009HouseAdded Chief Co-Sponsor Rep. Sandra M. Pihos 5/15/2009HouseAdded Chief Co-Sponsor Rep. Ronald A. Wait 5/15/2009HouseAdded Chief Co-Sponsor Rep. Michael G. Connelly 5/15/2009HouseAdded Chief Co-Sponsor Rep. Dennis M. Reboletti 5/15/2009HouseAdded Co-Sponsor Rep. Franco Coladipietro 5/15/2009HouseAdded Co-Sponsor Rep. Randy Ramey, Jr. 5/15/2009HouseAdded Co-Sponsor Rep. Robert W. Pritchard 5/15/2009HouseAdded Co-Sponsor Rep. Elizabeth Coulson 5/15/2009HouseAdded Co-Sponsor Rep. Bob Biggins 5/15/2009HouseAdded Co-Sponsor Rep. Ed Sullivan, Jr. 5/15/2009HouseAdded Co-Sponsor Rep. Mark H. Beaubien, Jr. 5/15/2009HouseAdded Co-Sponsor Rep. Jim Sacia 5/15/2009HouseAdded Co-Sponsor Rep. Rich Brauer 5/15/2009HouseAdded Co-Sponsor Rep. Kay Hatcher 5/15/2009HouseAdded Co-Sponsor Rep. Donald L. Moffitt 5/15/2009HouseAdded Co-Sponsor Rep. Jerry L. Mitchell 5/15/2009HouseAdded Co-Sponsor Rep. John D. Cavaletto 5/18/2009HouseAdded Co-Sponsor Rep. Renée Kosel 1/11/2011HouseSession Sine Die