What We're Thinking About Lately...

Details: Written by Lauren Schrader; Category: What We're Thinking About Lately...; Created: 25 January 2022

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.

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Created: 18 January 2022

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.

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Created: 12 January 2022

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.

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Created: 06 January 2022

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 .

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Created: 05 January 2022

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.