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. 

Governor Pritzker recently signed Senate Bill 40 into law, which states that beginning on January 1, 2024, if a single-family home or multi-unit residential building constructs a new parking lot, every parking space must be equipped to install an electric vehicle charger. Additionally, there must be at least one parking space that has an electric vehicle charger. 

Learn more about the new law, here.

I recently asked ChatGPT what the IL Condo Act says about meeting notices, and the response was alarmingly incorrect. AI says that the board is not required to provide notice to owners when a board meeting is to be held. The IL Condo Act states otherwise.

Here are the requirements for noticing different types of association meetings:

Board Meetings - 48 hours prior

The IL Condo Act states the following:

"notice of every meeting of the board of managers shall be
posted in entranceways, elevators, or other conspicuous places
in the condominium at least 48 hours prior to the meeting of the
board of managers except where there is no common entranceway
for 7 or more units, the board of managers may designate one or
more locations in the proximity of these units where the notices
of meetings shall be posted; that notice of every meeting of the
board of managers shall also be given at least 48 hours prior to
the meeting, or such longer notice as this Act may separately
require, to: (i) each unit owner who has provided the association
with written authorization to conduct business by acceptable
technological means, and (ii) to the extent that the condominium
instruments of an association require, to each other unit owner,
as required by subsection (f) of Section 18.8, by mail or delivery,
and that no other notice of a meeting of the board of managers
need be given to any unit owner."

Owner Meetings - 10 days prior

• Elections
• Budget Approval
• Board Vote on Rules & Regulations
• Owner votes on any items that require an owner vote, including Amendments and the items listed below
  • merger or consolidation of the association;
  • sale, lease, exchange, or other disposition (excluding the
    mortgage or pledge) of all, or substantially all of the property and
    assets of the association;
  • the purchase or sale of land or of units on behalf of all unit
    owners

It's always best to consult an expert or turn to the source (the IL Condo Act, your Declaration and Bylaws) to ensure your board is following proper protocol for notices.