Home ownership is a fundamental element in the American dream, and an important part of the social fabric of our communities. The Treasurer's office has the authority to provide assistance to families looking to become homeowners, and should bring back valuable resources on how to recover from foreclosure for homeowners who got caught in the real estate bubble.
As State Treasurer, Mike will use the tools and more importantly, the authority, of the State Treasurer's office to support financial institutions that participate in the Finally Home program. This program guarantees loans to help qualified individuals wishing to become homeowners and also helps qualified individuals looking to refinance their existing home loans to be able to do so.
He will work to improve and expand the existing program to reach more people in Illinois who need it, and to refocus the program on the communities that most need the help it provides.
Mike understands the importance of the Community Reinvestment Act (CRA), and as your State Treasurer, he will work to promote the mission of this act to help increase investment in under-served and underprivileged communities.
This includes directing a part of the State Treasurer's investments towards financial institutions that proactively lend in struggling communities, as well as encouraging more institutions to become active in those communities.