HausFS Sponsors the 6th Annual Chicago Children's Business Fair

Details

Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 05 November 2019

Haus Financial Services is proud to sponsor the 6th annual Chicago Children's Business Fair on November 17. We are excited to promote a program that encourages children to become entrepreneurs!

Hosted by Greenfields Academy, the fair allows children ages 5 - 15 learn about entrepreneurship by developing a brand, creating a product or service, building a marketing strategy and selling to customers at this one-day marketplace. 

With over 70 vendors, you'll be sure to find unique holiday gifts, delicious goodies, home goods, pet supplies, handmade art and jewelry, and more. 

The fair will take place on Sunday November 17, 2019 from 3 - 5 p.m. at the Artifact Events Space. Join us as we support these talented kids in pursuing their business dreams. 

Learn more here. 

Updated Approval Rules for Condos

Details

Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 03 November 2019

FHA-insured mortgages help creditworthy first-time, minority, and underserved households achieve homeownership.

However, after the 2008 housing crisis, the FHA condominium approval process severely impacted access to these mortgages, shutting many out of condo homeownership. 

In fact, condominium unit mortgages currently account for less than 2% of all FHA-insured mortgages.

The FHA recently announced changes to streamline their condo project approval process and expand homeownership for many Americans. 

Important elements of the newly released approval process include:

1. As long as the condominium is financially stable, the FHA will insure up to 10% of mortgages in condos without FHA approval.
2. FHA approvals for condominium projects will be expanded from two years to three years.
3. Condo projects seeking recertification will no longer be required to resubmit all project information. Instead, they will only be required to update new information.
4. Mixed-use condominium projects with up to 45% commercial space will be eligible to apply for approval.
5. The FHA will insure up to 75% of condo unit mortgages in a condominium project.

To learn more, click here.

New Ordinance Gives More Power to Condo Owners Who Want to Keep Their Homes

Details

Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 29 October 2019

Lately, investors have been buying up condo buildings as Chicago rent has increased. However, this has negatively affected the condo owners who don’t want to sell.

On September 18th, the City Council passed an ordinance that gives more power to condo owners who want to keep their homes. Now, condo owners will need to persuade more of their neighbors to sell all units in a building to a developer.

This new ordinance increases the votes of ownership in a condo from 75% to 85% in favor of a bulk sale.

To learn more, click here.

Who is Responsible for Maintaining Limited Common Elements?

Details

Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 21 October 2019

Common elements, like sidewalks, park benches, elevators and streetlights, are shared property that is maintained by an association and used by all residents. The money for these elements comes for the community’s operating reserves, which are funded by all annual assessments. 

But who is responsible for maintaining limited common elements that are only used by one household, like balconies, parking sports and roofs?

It is important for board members, attorneys, and community managers to look to an association’s covenants, conditions and restrictions, for the definition of their limited common elements and who is responsible for upkeep. This is especially important when determining who is responsible for maintaining unseen limited common elements, like wiring and plumbing pipes. 

To learn more, click here.