As housing sales in the Chicagoland area remain stagnant, legislation both nationally and locally relating to property ownership and management continue to remain active. The majority of the legislation introduced recently has sought to protect homeowners as well as provide more resources for struggling condo and homeowner's associations.
Some of the more noteworthy pieces of legislation and lobbying initiatives include the move to create the Illinois Office of the Condominium Ombudsperson; state mandated training for board members with income tax credits to offset the cost of training; changes to board election procedures regarding proxies; Institute of Real Estate Management (IREM) lobbying the U.S. Congress in support of U.S. House Resolution 940, known as the U.S. Covered Bond Act; and the Community Associations Institute (CAI) teaming up with other housing allies to lobby congressional representatives and the federal government for greater transparency and more public input regrading development of Federal Housing Administration (FHA) lending rules for condominiums.
In the Works
The following legislative initiatives are in the works on the state or federal level.
HB1608 & HB1428 – The Office of the Condominium Ombudsperson.
State Representative Elaine Nekritz, (D-57th District, Northbrook) along with chief-co-sponsor Sara Feigenholtz, (D-12th District, Chicago) have introduced House Bills 1608 and 1428 which would alternatively create the Office of the Condominium Ombudsperson. In HB1608, the advocate would act as a department under the jurisdiction of the Office of the State's Attorney General of Illinois; while under version HB1428, the ombudsperson would be under the jurisdiction of the Department of Professional and Financial Regulation.