Illinois Code § 20
Illinois Code § 20. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 20.
Qualifying for loan. In order to qualify for a loan under this Act, all of the following criteria must be met: (1) The borrower must qualify as a teacher. (2) The borrower's gross household income must not exceed 125% of the area median income, as defined by the U.S. Department of Housing and Urban Development. (3) The residence financed under this Act must be continuously occupied by the borrower as his or her principal residence for at least 5 years following the recordation of the deed of trust securing the subordinate mortgage loan. If the borrower fails to meet this condition, the principal and accrued interest of the loan is immediately due and payable. (4) The residence being financed must be a single-family residence, condominium, or manufactured home located within the boundaries of the school district that employs the borrower. (Source: P.A. 95-449, eff. 8-27-07.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 20
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 20?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 20 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 20 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
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