Tax returns for condominium associations are due March 15, 2010.  EVERY association is required to file a federal Form 1120 or 1120-H.  Associations with federally taxable income must also file an IL-1120. 

Your association is a business, treat it accordingly.  That means filing your income tax returns every year!

 

Our client recently received a $200 fine from the City of Chicago for trash left outside of their dumpster.  Turns out that it was the neighbor's Christmas tree that had been left on the ground near the dumpster that triggered the fine.

$200 can be a lot of money for a small association.  And the city is hurting for cash during tougher economic times.  Don't become an easy target!  Notify your owners that all trash must be completely in the dumpster and the dumpster must remain closed.  If an extra pickup is needed to handle overflow, it will most likely cost less than a city fine. 

We came across this article about the "Seven Primary Condominium Financial Issues in a Distressed Economy."  We think it's a great article and bears repeating.  If your association is experiencing any of the problems mentioned in the article, HausFS can help.  Please contact us!

The country's financial downturn has caused major financial difficulties for many smaller condominium associations in Chicago.  When just one or two owners stop paying assessments or fall into foreclosure, the effects can be devastating on a small building.  Thankfully, the IL Condo Act provides a remedy that can help condominium associations to recover delinquent assessments, and HausFS provides a service to help associations through the process. 

Courtesy of Tory Tarsitano, CRMS  - Capital Financial Bancorp, Inc. 

The higher home loan limits currently in place are expected to stick throughout 2010, according to National Mortgage News.

The Obama Administration reportedly supports an extension of the current enhanced loan limits for Fannie Mae, Freddie Mac, and FHA loans.

The maximum conforming jumbo loan limit of $729,750 (in the nation’s most expensive counties) is set to expire on December 31, at which point it would drop to $625,500 per the Economic Stimulus Act of 2008.

The true current conforming loan limit is $417,000 for condos and single-family residences.

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