Governor Pat Quinn signed two new housing bills into law on August 3. Both Laws take effect immediately. The first bill provides disabled people with greater access to affordable rental housing, by making $10 million in subsidies available to landlords. The funding falls under the Rental Housing Support Program, which is a division of the Illinois Housing Development Authority (IHDA). Funding for the subsidies will be acquired through a $10 fee added to real estate document recordings.
The second new law attempts to provide greater protection from mortgage fraud for homeowners. The bill increases the fines for mortgage fraud, increases fees for mortgage company licensees, and gives more power for the investigation and prosecution of mortgage fraud to the Illinois Department of Financial and Professional Regulation’s Division of Banking.
Here at The Crosby Law Firm, we have extensive experience and knowledge of real estate law and landlord/tenant law allowing us to evaluate your contract and answer
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