Housing Matters
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Important Illinois House Vote on Preventing Foreclosures and Preserving Neighborhoods This Week
Please ask your State Representative to support House Bill 1810, House Bill 1109, and House Bill 760 in order to help prevent foreclosures and preserve neighborhoods.
Foreclosures are devastating Illinois families and communities. In 2010, a record 151,000 foreclosures were filed in Illinois, the fourth highest total nationwide.
Problem:
All three bills will be voted on during the week of April 11 and are facing strong opposition from the Illinois Association of Realtors, the Illinois Bankers Association and other financial industry groups.
Solution:
HB 1810 will generate funding to help families save their homes through a $500 fee on “judicial sales,” part of the legal foreclosure process when a bank takes ownership of a property through foreclosure. Funds would support the most effective foreclosure prevention activities—borrower outreach, housing counseling, and court-based mediation.
HB 1109 will give local governments tools to stabilize neighborhoods by authorizing local governments to hold financial institutions responsible for maintaining and securing vacant properties.
HB 760 will put vacant properties back into productive use to facilitate creation of strong, accountable land banks to take care of the most troubled properties. Land banks hold troubled properties when there is no private market interest for them, maintain them, and return them to productive use—promoting economic development and community revitalization.
Action Needed:
Please contact your State Representative asking them to support House Bill 1810, House Bill 1109, and House Bill 760.
Deadline for responding: Please take action by April 13, 2011.
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