04/26/2018 @ 2:00 pm – 3:00 pm
Housing Action Illinois

As of January 1, 2018, would-be homeowners are protected from predatory rent-to-own contracts by a new state law that creates some of the strongest consumer safeguards in the nation when it comes to these situations. Housing Action Illinois drafted and advocated for this legislation after a resurgence in predatory contracts from largely unregulated companies that falsely promise homeownership to people with low incomes. For some people a rent-to-own agreement can be a good opportunity, but too often these contracts result in people agreeing to buy houses in extremely poor condition at highly inflated purchase prices and high loan interest rates. For predatory sellers, their business model is based on the buyer defaulting on the contract, so the home can be resold in the same predatory manner. The provisions of the law include many mandatory disclosures and prohibitions on certain contract terms. Join Housing Action Illinois and LAF on April 26 for a free webinar and discussion on the new protections. The webinar will be useful for housing counselors working with people considering rent-to-own offers, people concerned about how an increase in the use of the model is impacting communities and others who want to find out more about what the new state law offers to help people better evaluate these contracts, also know as installment contracts or contracts for deed.