Jiménez Expands Flood, Natural Disaster Assistance to Eligible Homeowners under New Law

CHICAGO – Following record storms and flood damage affecting families in her community, state Rep. Lilian Jiménez, D-Chicago, made it easier for homeowners to access low-interest loans to address and prevent damage from flooding and other natural disasters.

“Last summer’s dangerous flooding left streets, alleys and homes flooded with sewer overflow and rainwater, causing millions of dollars in damages for homeowners who are struggling to make ends meet as it is,” Jiménez said. “While federal and state assistance was appreciated, legislative action to correct institutional shortcomings was needed, and we delivered. Before this legislation, how our dollars can be used was too restrictive to substantially support our community’s needs. These storms will continue to hit vulnerable communities like ours, but we’re in better shape now than ever before to do something about it.”

Home Equity Assurance Programs, which are funded by a local tax levy, primarily serve as security for homeowners against depreciating home values due to local factors.

The Jiménez-backed House Bill 4921 explicitly allows well-funded, qualifying Home Equity Assurance Programs to create a Low Interest Home Improvement Program (LIHIP) to help homeowners impacted by flooding and home repair needs.

The legislation furthermore expands how these funds can be used in natural disaster situations, allowing recipients to repair or preemptively address wind, hail, snow and thunderstorm damages.

House Bill 4921 was signed into law on Monday, Aug. 5.