Beginning January 4, 2027, Fannie Mae will increase its minimum replacement-reserve allocation from 10% to 15% of an association's annual budgeted assessment income for projects reviewed through its Full Review process.
This isn't an Illinois law requiring every condo association to maintain 15% reserves. Rather, it is a mortgage-lending standard that can affect whether a condominium project qualifies for conventional financing.
Emergencies can happen without warning, from severe storms and power outages to water main breaks and other unexpected events. Having a plan in place helps condo associations respond quickly, protect residents, and minimize property damage. Here are four key areas every association should address.
Cook County property owners can now view and pay their 2025 Second Installment property tax bills online.
The bills are due October 1, 2026, and the Cook County Treasurer’s Office expects mailed bills to arrive by September 1.