IL HR0943

Urges President Joe Biden to direct Fannie Mae and Freddie Mac to offer low-interest loans to mobile home park residents seeking to purchase their parks as cooperatives.

Identifies that mobile home park residents have average annual incomes of $32,000 and face rent increases of 20-70% when private investors acquire parks.

Notes that private companies obtain billions in federal government-backed low-interest loans to purchase mobile home parks, while resident co-ops must pay significantly higher interest rates.

Highlights that relocating older mobile homes to different parks is often impossible or costs upwards of $5,000, leaving residents vulnerable to displacement when rents become unaffordable.

Cites President Biden's Executive Order on racial equity as justification for federal action to help underserved communities maintain affordable housing through resident-owned cooperatives.