Chicago Housing Solidarity Pledge to Aid Landlords

[Crystal Smith]

Realize most of the Chicago BP investors are keeping up with the news but just in case here's a recent announcement made by the Mayor's office working with the major banks in the area to provide relief to landlord mortgage holders whose income is affected by COVID-19. 

Under the terms of the pledge, housing lenders affirm they may provide the following for eligible mortgage holders who demonstrate a significant financial impact from the pandemic:

• Grace Period for Mortgage Payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.
• Suspension of Foreclosures: Provide relief from foreclosure filing until May 31, 2020.
• Neutral Reporting to Credit Agencies: No reporting late payments to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19 related relief, provided that loans that were delinquent prior to deferral will continue to be reported as delinquent.
• No Late Fees for Missed Payments: Provide relief from mortgage-related fees.

The following organizations have committed to the Chicago Housing Solidarity Pledge:

• Bank of America
• BMO Harris Bank
• Byline Bank
• CIBC
• Fifth Third Bank
• First Eagle Bank
• First Midwest Bank
• Northern Trust Bank
• PNC
• US Bank
• Wintrust Bank
• Second Federal Credit Union
• Seaway Credit Union
• Lawyers Committee for Better Housing (LCBH)
• Chicagoland Apartment Association (CAA)
• Neighborhood Building Owners Alliance (NBOA)
• Chicago Association of REALTORS (CAR)

Here's a link to the announcement:  Press Release