Happy New Year, Chicago Condo Communities!

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While the confetti settles and champagne flutes are rinsed, we at ChicagoCondoResource.com want to extend a warm Happy New Year 2024 to all the condominium and HOA communities across the Chicagoland area!

As we turn the page to a fresh year, let's embrace the exciting possibilities that lie ahead. Here are a few resolutions we encourage all Chicago condo communities to adopt in 2024:

Transparency in Condo Lending by Freddie Mac

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Freddie Mac is taking a step towards transparency by creating eligibility statuses and expanding access to information about condominium projects that are ineligible for mortgage loan purchases, along with guidance as to action necessary to make the projects eligible.

Learn more here.

Holding Elections for Your Condominium Association

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Like the much larger elections held for public office, elections for condo boards must be conducted and observed according to an explicit set of rules.  

Learn the rules for holding elections here

 

The Impact of Electric Vehicle Charging on Community Associations

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Illinois Governor Pritzker signed the Electric Vehicle Charging Act into law this year and the legislation is applicable to new construction of residential properties, including houses, apartments, and condominiums.

The Act states that  “renters and condominium unit owners shall be able to install charging equipment for electric vehicles under reasonable conditions.”

The law goes into effect on January 1, 2024.

Learn more, here.

Cook County 2023 Holiday & Winter Eviction Moratorium Issued

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Every year, Cook County issues an eviction moratorium over the holidays and winter months.

Per the Order, the Cook County Sheriff may not perform any evictions:

  • From Dec 18, 2023 - Jan 2, 2024, with evictions resuming on January 3
  • Any day when the outside temperature is 15 degrees Fahrenheit or colder
  • Any day when extreme weather conditions could endanger the health and welfare of the people being evicted

Learn more here