SR0082 96TH GENERAL ASSEMBLY

SR0082 LRB096 10830 DRJ 21056 r

SENATE RESOLUTION

WHEREAS, The nation's economic downturn can be directly attributed to the sharp downturn in the housing market; and

WHEREAS, The housing market collapse continues to negatively affect the Illinois economy; and

WHEREAS, Home prices and property values dramatically declined (and continue to decline) across the country and Illinois; and

WHEREAS, Illinois residents are now hesitant to buy homes because they fear prices will not stabilize anytime soon; and

WHEREAS, Falling home values translate into less tax revenue for Illinois' state and local governments, placing a severe crunch on budgets for essential services; and

WHEREAS, Congress passed a successful short-term housing stimulus in 1975 consisting of a tax credit and mortgage rate buy-down; and

WHEREAS, A short-term, meaningful tax credit will get homebuyers back in the market quickly and stimulate market activity; and

WHEREAS, The United States Congress is currently considering an economic stimulus package; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we encourage the United States Congress to include a short-term housing stimulus in the economic stimulus package to stimulate Illinois' and the national economy; and be it further

RESOLVED, That suitable copies of this resolution be delivered to each of the following: the President Pro Tempore of the United States Senate; the Minority Leader of the United States Senate; the Speaker of the United States House of Representatives; the Minority Leader of the United States House of Representatives; and each member of the Illinois Congressional delegation.