Beginning January 1, 2017, the Common Interest Community Association Act and the Condominium Property Act will be amended in regards to “acceptable technological means.” These means will now be described as any generally available technology that is deemed to provide security, reliability, identification and verifiability, by the association. However, the use of acceptable technological means does not apply to notices that are required under the following circumstances:

  1. Under the Forcible Entry and Detainer Article of the Code of Civil Procedure.
  2. In connection with foreclosure proceedings in enforcement of any lien rights

Technological means may also be used to send, receive, sign, vote, consent or approve any notices. It may also be used to perform obligations or exercise rights, such as voting.

(Note that a condo association must first adopt Rules & Regulations specifically allowing the use of technological means for voting in order to conduct elections or other owner votes in such a manner.)

On January 1, 2017, the Condominium Property Act will be amended. Language will be taken out that previously allowed an association's declaration to require an owner vote to assign the association's right to future income.

Since associations do not hold physical property, the right to future assessments is given to a bank as collateral for any loan extended to the association. This protects the interests of the bank. Currently, if a board wanted to take out a loan on behalf of the association they would potentially have to hold an owner vote to make this decision, if required by the declaration.

Beginning in 2017, boards will no longer be required to hold an owner vote to approve a loan even if the declaration currently states that an owner vote is required. The decision will exclusively be a board decision. 

The city of Chicago wants your empty sunscreen bottles, but not your old pizza boxes! Read below for recycling updates:

  1. All empty sunscreen containers, including aluminum and plastic lotion and spray bottles, are recyclable.
  2. The only part of a sunscreen spray bottle that cannot be recycled is the spray nozzle. Other caps are recyclable.
  3. Rinse out any remaining sunscreen from the containers before recycling.
  4. Greasy cardboard, like a pizza box for instance, is non-recyclable because of holes in the paper caused by oil separating from the water in the paper making process. You can tear off a box top for recycling, however, if it has not been contaminated with grease.

Chicago has recently instated several new recycling requirements for condominium buildings. To read our other articles regarding these changes, click here and here. 

One of the factors that determines the amount of property taxes an individual must pay is the assessed value of their property. The Cook County Assessor determines this assessed value, which is then subject to review by the Cook County Board of Review. If you believe that the assessed value of your property is incorrect, you have the right to appeal the assessment. The deadline to do so in Rogers Park Township is Tuesday, August 30.

On Wednesday, August 24, a special workshop will be presented by Alderman Joe Moore's office (49th Ward) to teach property owners how to appeal their property tax assessments and possibly how to lower their tax bill. Attendees will learn how the assessment process works, how to file a Board of Review appeal and how an appeal is then granted. If you plan to attend, please bring your property tax bill.

If you cannot attend the event, you can learn more about the property tax appeal process here. And you can appeal a property assessment online here.

The Workshop will take place on Wednesday, August 24 at 6:30 pm at the Loyola Park Fieldhouse, 1230 W. Greenleaf (2nd floor).

 

The US Senate passed the Housing Opportunity Through Modernization Act, unanimously. Now, all that is needed is President Obama’s signature. This legislation includes reform to the current Federal Housing Administration restrictions on condominium financing.

The changes included in this legislation will make the FHA's re-certification process much easier. Additionally, it will lower the FHA’s current owner-occupancy requirement to 35% from its original 50%. Finally, the bill will require the FHA to implement a less-restrictive policy on transfer fees, which is already in place at the Federal Housing Finance Agency.

For more information on the Housing Opportunity Though Modernization Act, click here

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

Sat Aug 26 @ 9:00AM - 01:00PM
Essentials of Community Association Management for Volunteer Leaders (DCAL)
Wed Aug 30 @12:00PM -
Spirit of Chicago Summer Social
Wed Sep 13 @ 6:00PM - 08:30PM
Homeowners Forum - Ask an Industry Professional
August 2017
S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31