On May 15, ILL LEG pass bill on home improvement loan for flooding.
ILL LEG passed HB 4921 amending the Home Equity Assurance Act, ILL LEG 65-95/11.
Measure provided for a low interest home improvement loan program for repair of residence or pipes after a natural disaster, including, but not limited to, flooding.
Bill Provisions
Makes provisions for low interest home improvement loan programs that a governing commission with no less than $4,000,000 in its guarantee fund is authorized to create.
Bill provides that a low interest home improvement loan may be used for repair of a guaranteed residence's water and sewer pipes and repair of a guaranteed residence.
Including basement repairs, following flooding damage or other natural disaster damage to the property (rather than following flooding damage to the property).
Provides loan funds to issue a grant or rebate for repairs of a guaranteed residence for preventing/repairing damage as a result of a natural disaster, including flooding.
Legislative History
On Feb. 7, 2024, bill introduced in House; on Apr. 11, 2024, bill passed in House.
On Apr. 17, 2024, bill introduced in Senate; on May 15, 2024, bill passed in Senate.
Effectiveness
Bill will become effective on Jan. 1, 2025 if enacted.
