Best Practices for Handling Financing Capital Repairs in Condos

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When it comes to financing capital repairs for condos, it is best for boards to give unit owners as few options as possible.

If boards decide to offer unit owners different options, one person might want to pay the whole amount up front, while somebody else might want to pay a portion upfront and then pay the balance over time, while somebody else may want to pay in two installments. Additionally, if the board is looking to secure a bank loan to finance the repairs, they will need to calculate interest for all of the options provided to unit-owners.

Eventually, it becomes an accounting nightmare for the association to keep track of every unit and which option they're using.

Find out how to best handle the financing of capital repairs, here

Delay in Cook County 2022 2nd Installment Tax Bills

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Typically, Cook County 2nd installment tax bills are mailed in late June and due by August 1st. However, this year, they will be delayed due to a computer upgrade in the Assessor's office. However, they will still be out about a month earlier than last year.

As per the latest information from the County, the 2nd installment tax bills are now expected to be mailed by November 1st and due December 1st.

CAI Illinois Resources for Condominium Associations

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If you are looking for information on specific topics, try CAI (Community Associations Institute)!

CAI Illinois offers several resources, including…

  1. The CAI Illinois Blog offers insight on current issues and common questions within community associations. 
  2. The CAI Illinois Youtube channel holds live and recorded versions of virtual Q&A events.
  3. The Common Interest magazine features over 200 archived articles.
  4. The CAI Condo/HOA Q&A Sessions allow users to ask and answer questions or access past Q&A Session recordings.

New Licensing Rules for Community Association Management Firms

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While Community Association Managers have long been required to maintain a license with the Illinois Department of Financial and Professional Regulation, management firms themselves did not need to register until now.

Effective June of 2023, management firms must now also be licensed. These new licensure requirements are designed to ensure better quality control by requiring designated supervision of all management firm and administrative employees.

Learn more here

Collection of Assessments Post-COVID

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In May 2023, the COVID-19 public health emergency ended. During the three plus year COVID emergency, we saw numerous changes at the state and local level that impacted routine collection of assessments.

These changes resulted in additional procedures and processes, both pre-and post-filing of a collection action, delays, and increased costs. Today, a number of the procedures and processes implemented during the pandemic remain in place. 

Housing assistance funds are available to owners impacted by Covid to help them pay delinquent assessments, and the Cook County Circuit Court created a new program, named the Early Resolution Program (“ERP”), which is designed to provide legal aid to both tenants/owners and landlords without legal counsel. This program is utilized when an eviction lawsuit is filed on behalf of an association against an owner who has fallen behind on financial obligations to the association.

Learn more here

Get information about the Illinois Emergency Homeowner Assistance Fund (ILHAF) here.