Homeowners and renters who got hit by the worst effects of the subprime housing crisis are supposed to benefit most from the fund as it is designed be disseminated to legal aid organizations that help people going through foreclosure.
The money is projected to extend the lifetime of these organizations for several more years. Some of the funds would also be used to address community redevelopment legal issues, although the Lawyers Trust Fund said that it has not yet defined what these entail.
The grants would be awarded starting 2017, but the council encouraged affected individuals to approach organizations that provide guidance and representation.
“If you are facing foreclosure and need help, seek it now,” Lawyers Trust Fund executive director Mark Marquardt told the Chicago Tribune.
In a landmark $7-billion consumer relief settlement between several states, the U.S. Justice Department, and the Bank of America, a $13 million payout has been granted to The Lawyers Trust Fund of Illinois to address the state’s foreclosure problems.