(20 ILCS 4113/5)
(Section scheduled to be repealed on January 1, 2029) Sec. 5.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.
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(2) Both federal agencies explicitly considered the racial and ethnic make-up of
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| neighborhoods when underwriting loans and valuing the real estate to be used as home loan collateral.
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(3) Both agencies devalued property or refused to make loans secured by property in
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(4) The harmful consequences of this discrimination remain unresolved.
(Source: P.A. 102-934, eff. 1-1-23.)
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