IL HB0521

Authorizes the Illinois Housing Authority to establish a foreclosure prevention counseling program using grants to HUD-certified housing counseling agencies for pre-purchase and post-purchase home ownership education and foreclosure prevention counseling.

Creates the Foreclosure Prevention Counseling Fund in the State treasury to receive moneys from a foreclosure prevention surcharge collected under the Residential Mortgage License Act of 1987.

Allocates 75% of fund moneys to HUD-certified housing counseling agencies providing services outside Chicago and 25% to agencies located within Chicago, with grant distributions based on foreclosure filings and agency capacity.

Increases investigation and application fees under the Residential Mortgage License Act of 1987 from $2,700 to $3,000 annually.

Effective immediately upon enactment.