While Community Association Managers have long been required to maintain a license with the Illinois Department of Financial and Professional Regulation, management firms themselves did not need to register until now.
Effective June of 2023, management firms must now also be licensed. These new licensure requirements are designed to ensure better quality control by requiring designated supervision of all management firm and administrative employees.
Learn more here.
In May 2023, the COVID-19 public health emergency ended. During the three plus year COVID emergency, we saw numerous changes at the state and local level that impacted routine collection of assessments.
These changes resulted in additional procedures and processes, both pre-and post-filing of a collection action, delays, and increased costs. Today, a number of the procedures and processes implemented during the pandemic remain in place.
Housing assistance funds are available to owners impacted by Covid to help them pay delinquent assessments, and the Cook County Circuit Court created a new program, named the Early Resolution Program (“ERP”), which is designed to provide legal aid to both tenants/owners and landlords without legal counsel. This program is utilized when an eviction lawsuit is filed on behalf of an association against an owner who has fallen behind on financial obligations to the association.
Learn more here.
Get information about the Illinois Emergency Homeowner Assistance Fund (ILHAF) here.
CAI released updated Reserve Study Standards in May to provide communities with an improved framework for effective reserve planning. Key changes/benefits include an emphasis on structural inspections and maintenance.
Learn more here.
ChicagoCondoResource.com and Haus Financial Services, LLC wish you a happy and safe Independence Day! We hope you enjoy your time away from condo-related matters and have the opportunity to rest and celebrate the holiday.
Almost every Declaration in Illinois requires homeowners to take out some form of insurance policy for the interior of their units, but these insurance policies do not cover displacement, lost rent, or loss of income.
Most people think that additional insurance policies are unnecessary. However, if something catastrophic occurs, such as a pipe burst, a fire, or a storm, and the unit is deemed uninhabitable, you will be forced to move out of your unit and pay thousands of dollars to relocate while the unit is under construction.
The cost for displacement insurance and lost rent or lost income insurance is additional, but it will save you money and prevent stress if your unit is damaged.
Learn more here.