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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.

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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

 

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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.

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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

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A Big "Thank You" to Condo Board Members This Thanksgiving

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A condominium community depends on its volunteer board members to function successfully. These individuals contribute their time and resources on behalf of all of their owners, and the job is rarely an easy one. This is particularly true in smaller, self-managing buildings that do not have a property manager to lighten the load.

As we count our blessings on Thanksgiving, Chicago Condo Resource and Haus Financial Services would like to extend a huge THANK YOU to all the condo board members who donate their valuable time working to support their associations.

If you are a condo board member, thank you for all that you do.

If you are an owner, take time this week to extend your appreciation to your board. They deserve it.

Recognition of your board's efforts and gratitude for their sacrifice go a long way toward making condo living successful. Happy Thanksgiving!