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.

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.

 

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. 

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

Here are some tips to keep your next meeting short and sweet!

  1. Plan your meeting in advance, this will cut down on the time spent actually in the meeting.
  2. Create and stick to a written agenda. Do not go off topic.
  3. Set a time limit for questions and comments.
  4. Ask owners to submit questions in advance of the meeting and work them into the agenda.

Plan and execute successful board meetings with our Guide to Conducting a Board Meeting. This and other guides and templates are available to CCR Subscribers.

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Essentials of Community Association Management for Volunteer Leaders (DCAL)
Wed Aug 30 @12:00PM -
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