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ABANDONED PROPERTY, FORECLOSURE PREVENTION PROGRAM FUNDING EXTENDED

5/10/2017, noon | Updated on 5/10/2017, noon
To ensure continued funding for two programs aimed at addressing the aftermath of the recession on the housing market in ...
State Sen. Jacqueline Collins

ABANDONED PROPERTY, FORECLOSURE PREVENTION

PROGRAM FUNDING EXTENDED

SPRINGFIELD – To ensure continued funding for two programs aimed at addressing the aftermath of the recession on the housing market in Illinois, State Sen. Jacqueline Collins successfully argued for the passage of legislation in the Senate recently.

“Historically, we know that the stability of the housing market has been crucial in leading the broader

economy out of recessions,” Collins said. “Abandoned properties, left unsecured and unmaintained, destabilize families, decimate communities, and destroy any hope of future economic development. That is why extending these programs is important.”

The Abandoned Property Program and the Foreclosure Prevention Program are both funded through filing fees levied on lenders.

The Abandoned Property Program provides funds to local governments for the purposes of demolishing or rehabilitating such homes, while the Foreclosure Prevention Program provides counseling and other services to help families at risk of foreclosure to gain firm financial footing and stay in their homes. Both fees are structured to exact the highest costs on the institutions which deal in the most foreclosures.

“Something is amiss in society when we continue to reward, to the tune of millions of dollars, the failure of the financial elite who brought our economy to the brink of disaster,” Collins said. “It’s time for relief for the hardworking taxpayers and homeowners who bailed out these banks.”