COVID-19 has changed everything, including the budgets for condos, townhomes, and homeowner's associations.
In this CAI-IL Q&A webinar, the panelists discuss a wide array of budget items that might need to be added or adjusted as a result of COVID-19. Topics include sanitation, amenities, owner loss of income, security, insurance, and more.
Watch the webinar, here.
Illinois currently has an Eviction Moratorium in place, but it is set to expire on September 19th. It is likely that the IL Governor will extend the Moratorium until the end of the year. However, if he does not, then the CDC Eviction Moratorium Order will take its place.
Under this Order, tenants must send a declaration stating…
This Order does not apply to tenants who engage in criminal activity, threaten the health/safety of others, violate building codes or health ordinances, or violate other contractual obligations outside of the timely payment of rent/housing payments.
The eviction moratorium affects condo owner investors who rent out their units and condo associations addressing delinquent accounts via a forcible (eviction) lawsuit.
Amidst coronavirus, board members and property managers have begun conducting virtual meetings.
While the switch from in-person to virtual meetings requires some adjustments, the accessibility, affordability, and convenience are hard to overlook.
Benefits of virtual meetings include…
Learn more about the benefits of virtual meetings, here.
You can also check out KSN’s podcast episode on virtual meetings with KSN attorney, Janelle Dixon, here.
Governor JB Pritzker extended Illinois’ moratorium on residential evictions for another 30 days, until at least September 21st.
Eviction lawsuits cannot be initiated against any condo owners for non-payment of assessments until the moratorium expires. Pending (previously filed) lawsuits are also on hold until at least September 21st.
During this time, however…
Read more, here.
The Illinois Housing Development Authority (IHDA) has established a crisis assistance program in light of COVID-19 to help Illinois homeowners secure their housing.
Emergency Mortgage Assistance (EMA) provides a direct, one-time payment to mortgage holders for homeowners at less than 125% medium income who cannot cover mortgage payments as a result of coronavirus. The portal will be accepting applications from August 24 - September 4, 2020.
Learn more, here.