Governor Pat Quinn signs a new housing bill, giving disabled people more access to affordable rental housing. The bill also protects homeowners from mortgage fraud. These laws are connected to Quinn's previously signed bills, protecting consumers from predatory lenders.
"I am committed to strengthening Illinois' communities and our economy," Governor Quinn said. "Thanks to these new laws, more people with disabilities will have a safe and comfortable place to call home and homeowners will be better protected."
The laws will make $10 million in rental housing subsidies available for landlords for the next 15 years. House Bill 5450, geared toward people with disabilities, grants funding under the Rental Housing Support Program, which is connected to the Illinois Housing Development Authority. With the new law, people with disabilities will have more opportunities in housing options.
The other bill signed, House Bill 4521, targets mortgage fraud, aiming at protecting homeowners. It will increase fees for mortgage company licensees. This new law goes into effect immediately.
"Exercising vigilant oversight in the areas 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," said Sen. Jacqueline Y. Collins.
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