(Section scheduled to be repealed on January 1, 2029)
103 words·~1 min read·
/il/chapter-20/act-4113/1-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Section scheduled to be repealed on January 1, 2029)
Sec. 5. Findings. The General Assembly finds and declares the following:
(1)Two federal agencies, the Federal Home Owners' Loan Corporation and the Federal
Housing Administration, played a major role in the development of the modern home mortgage origination industry.
(2)Both federal agencies explicitly considered the racial and ethnic make-up of
neighborhoods when underwriting loans and valuing the real estate to be used as home loan collateral.
(3)Both agencies devalued property or refused to make loans secured by property in
communities of color.
(4)The harmful consequences of this discrimination remain unresolved.