Keep Chicago Renting Ordinance

[Therese V.]

A lawyer friend of mine just posted this information. Figured I would post here for those it may affect. I know nothing about it really, just wanted to share the news.

The City of Chicago's "Keep Chicago Renting" Ordinance is in effect. This law applies to persons (including banks) who purchase a property sold at a judicial foreclosure sale. It requires that the owner offer bona fide renters (1) move out assistance in the amount of $10,600 or (2) a rent controlled lease. The law also imposes certain notice requirements against the owner. This law affects you if (1) you are an investor who purchases properties in Chicago at judicial sales at the end of the foreclosure process or (2) you are a tenant in a property that has been foreclosed on (and you are not the former owner of that property).