Alert
Jun 18, 2013
Chicago Ordinance Imposes New Requirements on Owners of Foreclosed Rental Properties
Chapter 5-14-040 requires Owners to notify all tenants in writing that under certain circumstances the tenant may be eligible for relocation assistance. The notice must be in English, Spanish, Polish and Chinese....
On May 29, 2013, The Municipal Code of Chicago added Chapter 5-14, “Protecting Tenants in Foreclosed Rental Property Ordinance.” The Ordinance requires certain owners of rental properties, post foreclosure, to subsidize the relocation of current tenants if the owners are unwilling or unable to give the tenants the option to extend their lease. Rental owners subject to this new legislation (“Owners”) are:
- Owners, by way of a judicial sale of a foreclosed property who have been confirmed by the court and for whose right of redemption has expired; and
- A mortgagee that accepts a deed-in-lieu of foreclosure or enters into a consent foreclosure on the property....
