What We're Thinking About Lately...

Cook County 2021 First Installment Tax Bills

Alexa Jackson What We're Thinking About Lately... 18 January 2022 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.

IL Condo Act Updated to Allow for Residency Requirements for Board Members

Alexa Jackson What We're Thinking About Lately... 11 January 2022 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.

Chicago Shared Cost Sidewalk Program 2022

Alexa Jackson What We're Thinking About Lately... 07 January 2022 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 .

New Fannie Mae Requirements for Condo Mortgages

Alexa Jackson What We're Thinking About Lately... 05 January 2022 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.

Give Yourself the Gift of Management Support in 2022!

Lauren Schrader What We're Thinking About Lately... 22 December 2021 21 December 2021

Amid the hustle and bustle of the holiday season, we at ChicagoCondoResource.com and Haus Financial Services, LLC hope that you find time to put aside your condo concerns and focus on family and friends.

This is also a great time to reflect on the challenges of 2021 and to set goals for the New Year. With the pandemic not yet behind us, we're all finding we can use a bit more support in our day to day responsibilities. Haus Financial Services is dedicated to taking the pressure off of small condo boards so that you can spend more time on your personal priorities.

This year, give yourself the gift of management support with HausFS so you can manage successfully (and with less stress) in 2022! Schedule your Prospect Call here to learn more about how we can help.

Happiest of Holidays from ChicagoCondoResource.com and HausFS!