On June 22, 2016, the Chicago City Council adopted an ordinance that now requires property owners wishing to rent on a short term basis to apply for and obtain certain licenses. A part of the application involves confirming that the owner’s unit is not located in a condominium property that restricts short-term rentals. The city of Chicago plans to maintain a list of buildings that do not allow short-term rentals and will refer to that list before issuing renting licenses. Associations however, will have to report their own restriction status to the city. Each association must report their rental restricted status by submitting an affidavit form which is available from the city’s Department of Business Affairs and Consumer Protection.

Additionally, the new ordinance will place requirements on unit owners who are selling their properties. If a unit owner knows that their property is on the prohibited buildings list, the unit owner must disclose that information when leasing or selling their unit.

To learn more about the ordinance and whether or not your association should be added to the prohibited buildings list, click here.

HausFS can help clients to determine if they qualify to be added to the prohibited buildings list and ensure that buyers are notified of this restriction when an owner is selling. Please contact us!

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