Illinois Governor Pat Quinn has recently signed two new housing laws: House Bill 5450 and House Bill 4521.
House Bill 5450 opens up grant funds to people with disabilities under the umbrella of the Rental Housing Support Program. The funds will be administered by the Illinois Housing Department Authority (IHDA) and aims to match disabled people with affordable rental housing all throughout the state.
The most important part of the changes to existing disability support programs is that all individuals with disabilities have access to affordable housing. In the previous versions of the law, only individuals affected with a select few disabilities were given housing assistance.
IHDA Executive Director Mary R. Kenney adds that “supportive housing makes a difference in the lives of people with disabilities by empowering them to live independently as part of a community,”
The bill was sponsored by Sen. William Delgado and Rep. Esther Golar and will take effect immediately
House Bill 4521, on the other hand, ups the ante for those wishing to enter the mortgage business. The bill increases mortgage company license fees and stiffly increases fines for mortgage fraud – a move that will hopefully deter would-be fraudsters from taking advantage of those who can least afford to take a hefty mortgage hit.
The bill (now a law) also gives more power to the Department of Financial and Professional Regulation’s Division of Banking; allowing it to not only investigate but to prosecute potential fraudsters throughout Illinois.
“Exercising vigilant oversight in the areas of loan modifications and short sales will be particularly beneficial as we work to slow the rate of foreclosure and protect distressed homeowners from financial exploitation,” says Senator Jacqueline Y. Collins (D-Chicago).
Sen. Collins co-sponsored House Bill 4521 with Rep. Barbara Flynn Currie (D-Chicago).