ChicagoCondoResource

Changes to eligibility for certification for FHA financing

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 28 February 2017

In November 2016 the government announced that it would lower the minimum required owner-occupancy rate from 50% to 35%, which could allow more condominium buildings to become FHA Certified. The lower owner-occupancy rate, however, comes with additional requirements that must be met in order for any buyer to purchase in a condominium building with an FHA insured mortgage.

Buildings with fewer than 50% of their units occupied by owners must also document that their financial reserves equal 20% of more of their budget and that no more than 10% of units are late of homeowner dues. Additionally, they must provide 3 years of financial documents for review that are deemed "acceptable."

These more stringent criteria could potentially shut out a large number of condominiums from FHA eligibility, but those that are managing well financially despite high investment ownership rates would still qualify.

To read more, click here.

Time to Start Thinking About Spring Landscaping!

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 23 February 2017

It is time to get your landscaping services in place for the coming spring! No matter what landscaping services you are looking for, click here to see a full list of our recommended vendors.

Upcoming Workshop on How to Appeal Your Property Tax Assessment

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 21 February 2017

One of the factors that determines the amount of property taxes you pay, is the assessed value of your property. The value is determined by the Cook County Assessor, but if you feel your assessment is inaccurate, you can appeal it. If you live in Rogers Park, any appeals are due to the Cook County Assessor by March 1.

There will be a workshop to learn how to appeal your property tax assessment on Wednesday February 22, at the Loyola Park Fieldhouse, 1230 W. Greenleaf. The workshop will teach you how the assessment process works, how to file an appeal with the County Assessor's office and how an appeal is granted. If you are interested, please bring your property tax bill to more efficiently file an appeal.

If you are unable to attend the workshop, the Cook County Assessor's website has an overview of the appeal process.

Reminder of 2017 Condo Law Changes

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 17 February 2017

In case you missed them, here are highlights of new laws affecting condominium buildings in 2017:

Chicago Residential and Commercial Recycling Ordinance
Source Separated Recycling is now mandated
PLUS: What can and cannot be recycled

IRS Extends Due Date for 2016 Condominium Association Tax Returns
Condominium Associations have an extra month to file their income tax returns

Electronic Notice and Voting in Condominium Associations
Associations are allowed to adopt electronic notice and electronic voting

The Snow Removal Service Liability Limitation Act
The act limits liability provisions in snow and ice removal contracts

More Freedom for Board to Discuss Business Outside of Meetings
Instances are outlined in which a board is allowed to close a noticed meeting or meet separately from a noticed meeting

New Water and Sewer Tax
The tax will start at 7% of the water and sewer bill

New Definition of 'Acceptable Technological Means'
Means are now described as any generally available technology that is deemed to provide security, reliability, identification and verifiability, by the association

Condo Boards Get Exclusive Vote on Loans
Boards are no longer required to hold an owner vote to approve a loan

Enforcement of Short Term Rental Restrictions
Property owners wishing to rent on a short term basis will need to apply for and obtain certain licenses

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"Ask the Expert"

Can my condo association charge me for an explanation of an amendment?

Q. Our board recently adopted an amendment to our Declaration limiting the percentage of leased units. The amendment will be presented to the owners for a vote at the end of the year.

Does my condo association have to send an invoice for assessments?

Q. I just got a notice from my condo association's attorney saying that I didn't pay my HOA payments. I purchased the condo one year ago. My contact person for the management group said that they would send out a invoice for my monthly HOA fees.

Is the association responsible for repairs to condo units under possession?

Q. I am President of the association for a six unit condo building with one assessment delinquent owner that now owes us over $10,000. The owner rents out the unit. We hired an attorney and got an order of possession ordering that the renters will now pay us the rent starting July 1, 2017 until the unit is no longer in arrears.