Condo Living Made Easy

The Corporate Transparency Act (CTA), enacted in 2021, aims to combat financial crimes by mandating certain entities to disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Initially, condominium and homeowner associations (HOAs) were uncertain about their compliance obligations under the CTA. However, recent legal developments have clarified these requirements, impacting associations nationwide.

According to an announcement by Condo Law Watch: 

“On March 2, 2025, the Treasury Department announced the suspension of the enforcement of the Corporate Transparency Act (CTA) against U.S. citizens and domestic reporting companies. The Treasury Department will be issuing proposed rules that will narrow the scope of the CTA to foreign reporting companies only.

As a result, community associations are no longer required to file BOI reports. This is a huge win for condominium and homeowners’ associations, reducing unnecessary compliance burdens”.

If you need personalized guidance or have further questions, please reach out to Chicago Condo Resource for education and condo management support. 

By staying informed and proactive, associations can navigate these regulatory changes effectively, ensuring compliance and avoiding potential penalties.

As of February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) has announced a suspension of enforcement actions related to the Corporate Transparency Act (CTA).

Communication from Burke, Warren, MacKay & Serritella states:

"Reporting companies, including incorporated community associations, may continue to postpone any further CTA compliance at this time and await the new rules and deadlines. Alternatively, reporting companies may file voluntarily if they wish, but there is presently no penalty for failure to file an initial report or any updated report by March 21, 2025."

We know that FinCEN plans to issue an interim final rule by March 21, 2025, which will extend the BOI reporting deadlines. 

This development follows a series of legal challenges and changes affecting the CTA's enforcement. Previously, a federal judge in Texas had issued an injunction blocking the enforcement of the CTA, which was later lifted, reinstating the reporting requirements. Now, with FinCEN's recent announcement, compliance is once again on hold pending the release of new rules and deadlines. 

Navigating these regulatory changes can be complex, especially for small condominium associations. At Haus Financial Services, we specialize in supporting associations with up to 20 units, offering tailored financial and administrative services to ensure financial stability and legal compliance. Our expertise can help your association adapt to evolving requirements and maintain seamless operations.

For personalized assistance in managing your association's financial and compliance needs, consider reaching out to our expereinced team. Our team is dedicated to providing the support necessary to navigate these changes effectively.

Read the full FinCEN's notice. 

As electric vehicle (EV) adoption grows, more condominium associations in Chicago are grappling with the question of how to handle EV charging stations. The primary concerns are installation costs, ongoing electricity usage, and maintenance. Who bears financial responsibility? At HausFS, we are beginning to encounter this challenge with our clients.

Legal Considerations
Under Illinois law, associations must allow reasonable accommodation for EV chargers, but they are not required to fund installations. In most cases, owners will be responsible for the installation, maintenance and electricity costs of EV charging stations.

Installation and Electricity Costs
Installing EV charging stations can be costly, including electrical upgrades, permits, and labor. Some buildings install shared chargers in common areas, while others allow individual owners to set up chargers in their deeded parking spaces. The ability to install EV charging stations and how they will be installed will vary from building to building.
Associations may be able to apply for rebates to offset the costs of installation, however, that will reduce the expense for the applicable owners.
Electricity usage is another factor. Some buildings install smart chargers with tracking for direct billing, while others fold the cost into association fees. Clear policies on cost allocation and consistent enforcement ensure fairness and transparency. Owners can be charged the cost of the electricity they use as well as any administrative fees required to bill back that expense.

Planning for the Future
With EV adoption on the rise, condo boards should proactively address charging infrastructure before demand surpasses capacity. A well-structured policy balancing financial responsibility with sustainability will help ensure a smooth transition for associations and residents alike.

Does your condominium have an EV charging policy? Now is the time to start the conversation.