Last year 345 mobilized to fight passage of Illinois Senate Bill 2664, which would have placed onerous financial burdens on condominium associations in the event of any foreclosures. Associations would be limited to recouping a maximum of 9 months’ worth of assessments. No special assessments, no legal fees, no late charges, no fines. The banking, mortgage, and real estate industries pushed this bill.
In the end, Governor Quinn amendatorily vetoed the bill, adding that the foreclosing lender must pay all unpaid amounts accrued prior to a sale or transfer of the unit except for the 9 months of assessments and associated attorney’s fees, which would be paid by the purchaser. This is similar to the fairer practice followed in other states, where the foreclosing institution pays the unpaid bills rather than forcing other association owners to make up the shortfall. The Senate did nothing in the waning days of last year’s session, and the bill died.
Now it is back – as House Bill 486 and Senate Bill 1368. Except this time, the amendments are included in the bill. And now it is very likely that it will be the target of opposition by the real estate brokerages, mortgage and banking industries. So 345 will have to gear up again, but this time to support passage of the bill. We will keep you informed.
The Chicago Municipal Runoff Election was held on Tuesday, April 7, 2015. The Ward 43, Precinct 12, polling place was in the 345 Lobby. Mayor Rahm Emanuel and 43rd Ward Alderman Michele Smith were reelected.
The next regularly scheduled Board of Directors Meeting will be held on Wednesday, September 16, 2015, at 7:00 PM in the Board Meeting Room in the West Tower sub-basement.
345 Fullerton Parkway 