Condominium living is widespread in Chicago, but this form of housing hasn't been around forever. Cooperatives, which are not as ubiquitous in Chicago, have actually been around longer.
Both forms of home ownership were created to provide affordable options to city dwellers, but they came into existence in different ways and at different times.
World War I, the Great Depression, World War II and Puerto Rico all played a hand in the creation of cooperatives and condominiums in Chicago. Learn more about both from this article in the Encyclopedia of Chicago.
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.
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.
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.