Full Text of HR0943 102nd General Assembly
HR0943 102ND GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, For millions of Americans, owning a home in a | 3 | | mobile home park has been an affordable way to keep a roof over | 4 | | their heads, and 0 families living in these parks have an | 5 | | income of $32,000 a year on average; and
| 6 | | WHEREAS, As a generation of mom-and-pop owners of mobile | 7 | | home parks are retiring and looking to sell, investors and | 8 | | companies are eager to buy these parks; and
| 9 | | WHEREAS, When private investors buy mobile home parks, | 10 | | they often raise the rent anywhere from 20% to even 70%; many | 11 | | mobile home park residents cannot afford these sharp rent | 12 | | increases; and
| 13 | | WHEREAS, People in mobile home parks are very vulnerable | 14 | | to losing their homes this way; older homes cannot physically | 15 | | survive being moved to another park, and even when that is | 16 | | possible, it can cost upwards of $5,000; and
| 17 | | WHEREAS, Investors and private companies often raise fees | 18 | | and rent for the land under the homes and evict people who | 19 | | cannot pay; and
| 20 | | WHEREAS, When a company raises the rents and fees in a |
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| 1 | | park, the cash flow is increased and makes the park more | 2 | | valuable on paper; the company can then borrow more money | 3 | | against the property; and
| 4 | | WHEREAS, These investors and companies are getting help | 5 | | from billions of dollars worth of low-interest-rate loans | 6 | | backed by the federal government, and the volume of that | 7 | | financing has risen sharply in recent years; and
| 8 | | WHEREAS, These loans often have low interest rates because | 9 | | they are guaranteed by Fannie Mae and Freddie Mac, the | 10 | | government entities at the core of the United States mortgage | 11 | | market; and
| 12 | | WHEREAS, President Joe Biden stated in his Executive Order | 13 | | On Advancing Racial Equity and Support
for Underserved | 14 | | Communities Through the
Federal Government "The Federal | 15 | | Government should, consistent with applicable law, allocate | 16 | | resources to address the historic failure to invest | 17 | | sufficiently, justly, and equally in underserved communities, | 18 | | as well as individuals from those communities"; and | 19 | | WHEREAS, The Biden Administration can, without an act of | 20 | | Congress, direct Fannie Mae and Freddie Mac to make it easier | 21 | | for residents to buy their own mobile home communities when | 22 | | they are for sale; and
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| 1 | | WHEREAS, More and more residents of mobile home parks are | 2 | | trying to buy their own parks as co-ops, so they can determine | 3 | | the rents and fees for themselves; however, these residents | 4 | | have to pay much higher interest rates and therefore pay a lot | 5 | | more money over time when they buy their own mobile home park; | 6 | | and | 7 | | WHEREAS, Fannie Mae and Freddie Mac could be directed to | 8 | | back low interest rate loans to residents to help them buy | 9 | | their own parks and form co-ops; therefore, be it
| 10 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 11 | | HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 12 | | we urge President Joe Biden to direct Fannie Mae and Freddie | 13 | | Mac to offer low interest loans and funding to mobile park | 14 | | residents wishing to purchase their own park when it is for | 15 | | sale.
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