(310 ILCS 45/2) (from Ch. 67 1/2, par. 802)
Sec. 2.
The General Assembly hereby finds, determines and declares:
(a) That there exists throughout the State a seriously inadequate supply
of safe, sanitary and affordable housing accommodations for persons and
families of low and moderate income in multiple-unit dwellings;
(b) That this inadequate supply of safe, sanitary and affordable housing
accommodations is a serious menace to the health, safety, morals and
general welfare of the people of the State;
(c) That a deficiency of mortgage financing is one of the causes of the above condition;
(d) That if mortgage insurance were available to insure qualified
lending institutions against losses on mortgage loans, the flow of private
investment capital into multiple-unit new construction
and rehabilitated housing would be stimulated and the supply of safe,
sanitary and affordable housing would be increased.
It is hereby declared
to be the policy of the State, in the interest of promoting the health,
safety, morals and general welfare of the people of the State, to provide
safe, sanitary and affordable housing accommodations for low and moderate
income persons and families of the
State by making available through the Illinois Mortgage Insurance Agency,
hereinafter created, funds to insure qualified mortgages on residential
structures of more than 5 units.
(Source: P.A. 83-1392.)
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