According to the Foundation for Community Association Research’s Community Association Fact Book 2023, 30% of the U.S. population now resides in condominium communities, housing cooperatives, or homeowners associations, a number that has been rising since 1970. Consequently, community associations significantly impact legislation, and several bills in Illinois, such as SB2740 for accessible parking and HB4125 for property taxes, are being considered.
Additionally, the federal Corporate Transparency Act's reporting requirements, effective this year, will likely affect these communities, demanding disclosure of sensitive information about board members and beneficial owners.
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