Legislative Updates for Illinois Condominiums
The Illinois Condominium Property Act and the Common Interest Community Association Act have both recently been amended.
Effective May 27, 2022, owners are entitled to inspect, examine, and copy the reserve study.
In addition, the Condominium and Common Interest Community Ombudsperson Act was extended and is now scheduled to be repealed on January 1, 2024.
The full text of the act, including all documentation that must be made available to owners by the board can be read here.
What is your association's role in owner disputes?
Managers and Boards of Directors may occasionally receive complaints from an owner about another owner. Most commonly, these are noise complaints. Now that people are working from home more often, these complaints might occur more frequently. It is important to know how to respond to these issues so all parties feel heard.
Learn how a board should react to owner disputes, here.
New Cooling Ordinance in Chicago Condominiums
For some time now, the city of Chicago has had an ordinance for minimum temperatures that must be maintained throughout the winter in multi-unit residential buildings.
Following the tragic heat-related deaths of three residents at an assisted living facility, that ordinance has been amended to now include cooling standards throughout the summer.
Learn more here.
New Federal Proposal Could Help Condos Finance Critical Repairs
Aging condo buildings and infrastructure has been a growing concern over the past several years.
The Rapid Financing of Critical Condo Repairs Act of 2022 is legislation that allows the US Department of Housing and Urban Development’s Federal Housing Administration to insure condominium association building rehabilitation loans made by private lenders.
Under the legislation, FHA-insured condo association loans may be used for the rehabilitation, alteration, repair, improvement, or replacement of a condominium project’s common systems, infrastructure, and facilities.
Learn more here.