Housing

Problems in the subprime mortgage markets have helped push the housing market into its worst slump in 16 years.  This housing crisis has had a significant impact in Illinois -- one in 38 homes is projected to go into foreclosure over the next two years at a cost of $27 billion in lost revenue to the state.

Congress has passed several key pieces of legislation to stem the tide of foreclosures and assist Americans who have lost their homes or are in danger of losing their homes. 

On May 20, 2009, the President signed into law the Helping Families Save their Homes Act.  This legislation provides key tools and incentives for lenders, servicers, and homeowners to modify loans and to avoid foreclosures.

Additionally, I strongly supported the American Recovery and Reinvestment Act (ARRA), also known as the Economic Stimulus Package, which became law on February 17, 2009.  Included in this package were many provisions to increase and maintain affordable housing.  In fact, the legislation provided $13.61 billion for projects and programs administered by the Department of Housing and Urban Development, nearly 75 percent of which was allocated to state and local recipients on February 25, 2009.

• Other Housing Initiatives