Per the City of Chicago Department of Buildings, the “Keep Chicago Renting” Ordinance has gone into effect as of September 24, 2013. As such, the law deserves to be reviewed. While it is pretty rare that the “everyday” landlord is purchasing a property at a foreclosure auction, I think it is a good exercise to go through because the ordinance points to the tenor of the City of Chicago toward tenants (protectionist) and because it is a good stepping off point for the other state and federal laws that protect tenants. As such, I’ll touch on one aspect of the ordinance every day beginning tomorrow. The schedule will be as follows:
Monday – Overview
Tuesday – Notice
Wednesday – Relcoation Assistance
Thursday – Registration
Friday – Penalties and Wrap-up
So, we will be talking this week about this new law and its implementation. For the record, the law is actually entitled the Chicago “Protecting Tenants in Foreclosed Rental Property Ordinance”.