IL HR0113

Urges Congress to allocate Troubled Assets Relief Program (TARP) funds, estimated at $700 billion, to financial institutions that will use them for new single-family home mortgages or refinancing existing mortgages.

Identifies declining fair values of real property and housing as contributing factors to current economic challenges in the United States and Illinois.

Cites reduced availability of mortgage capital from financial institutions as a primary cause of declining single-family home values.

Directs that copies of the resolution be delivered to all members of the Illinois congressional delegation.