Bill Text: IL HR0943 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Urges President Biden to direct Fannie Mae and Freddie Mac to offer low interest loans and funding to mobile park residents wishing to purchase their own park when it is for sale.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-11-15 - Referred to Rules Committee [HR0943 Detail]

Download: Illinois-2021-HR0943-Introduced.html

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HOUSE RESOLUTION
WHEREAS, For millions of Americans, owning a home in a
mobile home park has been an affordable way to keep a roof over
their heads, and 0 families living in these parks have an
income of $32,000 a year on average; and
WHEREAS, As a generation of mom-and-pop owners of mobile
home parks are retiring and looking to sell, investors and
companies are eager to buy these parks; and
WHEREAS, When private investors buy mobile home parks,
they often raise the rent anywhere from 20% to even 70%; many
mobile home park residents cannot afford these sharp rent
increases; and
WHEREAS, People in mobile home parks are very vulnerable
to losing their homes this way; older homes cannot physically
survive being moved to another park, and even when that is
possible, it can cost upwards of $5,000; and
WHEREAS, Investors and private companies often raise fees
and rent for the land under the homes and evict people who
cannot pay; and
WHEREAS, When a company raises the rents and fees in a

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park, the cash flow is increased and makes the park more
valuable on paper; the company can then borrow more money
against the property; and
WHEREAS, These investors and companies are getting help
from billions of dollars worth of low-interest-rate loans
backed by the federal government, and the volume of that
financing has risen sharply in recent years; and
WHEREAS, These loans often have low interest rates because
they are guaranteed by Fannie Mae and Freddie Mac, the
government entities at the core of the United States mortgage
market; and
WHEREAS, President Joe Biden stated in his Executive Order
On Advancing Racial Equity and Support for Underserved
Communities Through the Federal Government "The Federal
Government should, consistent with applicable law, allocate
resources to address the historic failure to invest
sufficiently, justly, and equally in underserved communities,
as well as individuals from those communities"; and
WHEREAS, The Biden Administration can, without an act of
Congress, direct Fannie Mae and Freddie Mac to make it easier
for residents to buy their own mobile home communities when
they are for sale; and

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WHEREAS, More and more residents of mobile home parks are
trying to buy their own parks as co-ops, so they can determine
the rents and fees for themselves; however, these residents
have to pay much higher interest rates and therefore pay a lot
more money over time when they buy their own mobile home park;
and
WHEREAS, Fannie Mae and Freddie Mac could be directed to
back low interest rate loans to residents to help them buy
their own parks and form co-ops; therefore, be it
RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
we urge President Joe Biden to direct Fannie Mae and Freddie
Mac to offer low interest loans and funding to mobile park
residents wishing to purchase their own park when it is for
sale.