Condo Living Made Easy

Presented by Haus Financial Services, LLC - Elevating Small Condo Management.

Condo Living Made Easy

Presented by Haus Financial Services, LLC - Elevating Small Condo Management.

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Category: What We're Thinking About Lately...

The Cook County Treasurer will be mailing 2021 1st installment property tax bills soon and payment will be due March 1, 2022. 

1st installment bills are 55% of last year's total tax and must be paid regardless of whether or not you have a tax appeal pending.

Any changes to your assessment through a tax appeal will be reflected in the 2nd installment bill that will be mailed later in the year. 

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Category: What We're Thinking About Lately...
Updated language in Section 18(a)(1) of the Illinois Condominium Property Act states that Illinois condominium association bylaws can now include a residency requirement to address non-owner occupants serving on the Board. Bylaws may not require MORE than a majority of the Board occupy their condominium unit as their primary residence, however. For example, Bylaws may require that 2 out of 3 Board members be owner occupants, but not all 3.
 
In order to enforce such a provision, the association must amend their Bylaws to include this language. Bylaws currently requiring that Board members occupy their unit will need to update the document to clarify that no more than a majority of the Board must occupy their unit.  
 
As with any amendment, the condominium association should consider the effect a residency requirement may have within the association. It is important to consult with your legal counsel prior to adopting any such amendment. 

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Category: What We're Thinking About Lately...

The City of Chicago's Shared Cost Sidewalk Program allows property owners to share the cost of sidewalk repair with the city. This can dramatically reduce the expense of repairing sidewalks around your building and increase the curb appeal and safety of your property.

The 2022 Program Opens to New Applicants on January 10, 2022 from 6AM to 10PM.

Learn more and apply here.

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Category: What We're Thinking About Lately...

In response to the collapse of the Champlain South Tower in Surfside, Florida, Fannie Mae recently tightened its eligibility requirements for mortgages on condominium units.

Eligibility may now be denied in associations with structural issues, significant deferred maintenance, and/or unsafe conditions. 

In order to determine eligibility, Fannie Mae has supplemented its HOA Questionnaire form to include questions about these matters. 

Learn more about the questions and requirements, here. 

  1. Give Yourself the Gift of Management Support in 2022!
  2. Recycle Your Electronics to Make Room For New Ones!
  3. The Twelve Days of Community Association Christmas
  4. New Condo Safety Public Policy Report

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"Ask the Expert"

Our association would like to update its Bylaws. Is a template available?

Q. Could you point me in the direction of the Bylaws template for small Chicago condo associations? Our building is using the original from the 1960’s or something like that, and I would like to propose a revamp. 

My condo management company claims I have not made a payment. What can I do?

Q.The new Management that took over in January has caused me to place a stop payment on my payments.  They are currently accusing me of not paying for 1 month last year and attaching late fees. 

Limits on Special Assessments for Condominiums

Q. What is the maximum amount that the board can set as a special assessment WITHOUT having to get the association to approve?

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Wed Jan 26 @ 1:00PM - 02:00PM
The Dark Side of Community Association Living: Covenant Enforcement, Violations and Fines
Wed Jan 26 @ 6:30PM - 07:30PM
KSN Free Seminar Series: Condominium Deconversions
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