Deferred Condo Maintenance: New Chicago Program Brings Hope of Financial Assistance
The City of Chicago has established a $15 million financial assistance program to help owner-occupants and associations in one particular neighborhood pay for overdue repairs and maintenance.
The South Shore neighborhood of Chicago is one of the city’s most densely populated. Located along Lake Michigan, it’s home to the University of Chicago, the Museum of Science and Industry, the Obama Presidential Center, and a variety of single-family homes and multi-unit buildings.
The city’s new program, the South Shore Condo/Co-op Preservation Fund Pilot, is intended to help condo owners at risk of losing their homes to deconversion because of their inability to pay for deferred maintenance or secure loans with longer terms than the traditional five to seven years.
The initiative isn’t the only one of its kind. Similar programs can be found in other states and Congress is also considering legislation to provide financial assistance for condo associations.
Read our new article to get insights on Chicago’s new condo preservation program and learn how proposed federal legislation could help your association clients address deferred maintenance issues.
Access the full article here: Chicago Launches Condo Preservation Program — Could Other Help Be on the Way?