The Chicago City Council adopt a Keep Chicago
Renting ordinance that will require most entities that take ownership of foreclosed
rental buildings to offer legitimate tenants rent-controlled leases for as long
as they own the building or give them $10,600 per unit in relocation
assistance.
The new law is applied to lenders of
foreclosed rental buildings at court-supervised foreclosure auctions and to
buildings that run the gamut from single-family rental homes to high-rise
apartment buildings. If the lender selects to keep the renters in the building,
it must offer those leases with annual rent increases of no more than 2 percent
higher than previous rent. Purchasers of foreclosed buildings at auction also
would have to provide notice to tenants of the change in ownership and the
renters' rights.
I hope this information is useful.
Should you need assistance with any
of your real estate needs, please contact
Have a Supreme Day!
Sheila M.
Wilkinson-Sanders
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