Written by Collins Staff Tuesday, 08 June 2010 08:00
"Without a doubt inner-city communities all over the country have been impacted by our national economic struggles. As property values sink due to the rising tide of foreclosures, this initiative will be a well-deserved life preserver for many Illinoisans," said State Sen. Jacqueline Collins (D – Chicago).
Senate Bill 3739 is a tri-fold approach to positively impact communities distressed by foreclosure. The legislation will: 1. extend the state’s 30-30-30 program for 3 more years which will give up to a 90-day grace period for homeowners facing foreclosure if they seek housing counseling certified by the U.S. Department of Housing and Urban Development 2. create a new foreclosure prevention program which will award grants for foreclosure outreach and housing counseling 3. create a new abandoned residential property municipality relief program to award grants to municipalities to assist with removal costs related to securing vacant homes An increasing number of Chicago area homes were lost to foreclosure in the first three months of 2010, according to new foreclosure data released by Woodstock Institute. In the first quarter of 2010, there were 9,302 completed foreclosure auctions in the region, the largest number of completed auctions recorded in a quarter since the beginning of the mortgage crisis in 2006. In the Chicago, six-county area the number of completed foreclosure auctions in the first quarter of 2010 increased by 56 percent when compared to the first quarter of 2009. The region also saw a nearly 80 percent increase in completed foreclosure auctions from the fourth quarter of 2009 to the first quarter of 2010. "With the economy deteriorating, and families losing their homes, we have a moral obligation to pass legislation to protect working families and our most vulnerable in society. Illinois’ future depends on it," Collins added.
Legislation sponsored by Financial Institutions Chair Jacqueline Collins and passed by the Illinois Senate today will keep people in their homes and provide a face lift to communities affected by record foreclosure numbers.
16th District
Years served: 2003 - Present
Committee assignments: Committee of the Whole; Financial Institutions (Chairperson); Insurance (Vice-Chairperson); Appropriations I; Pensions and Investments; Environment; Subcommittee on Amendments; Subcomm.on Pension Enhancements; Subcommittee on Payday Loans.
Biography: Full-time state legislator. Born December 10th in McComb, Mississippi. Studied journalism at Northwestern University; MA from Harvard's John F. Kennedy School of Government; MA in Human Services Administration from Spertus College; MA in Theological Studies from Harvard Divinity School, June 2003. Former Emmy Award-nominated news editor at CBS-TV in Chicago, and 2001 Legislative Fellow with United States Senator Hillary Rodham Clinton.