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Shoreline Storm Damage Reduction Project Receives $1.5M
The U.S. Army Corps of Engineers has allocated $1.5 million in funding from the federal Infrastructure Investment and Jobs Act to the Chicago Shoreline Storm Damage Reduction Project. The funding will support ongoing efforts to restore the Chicago shoreline after coastal storm damage by completing the General Reevaluation Report needed to expand the project and mitigate the significant impacts of climate change on the shoreline. Click here to read the the full press release.
At our General Meeting on March 10, ASCO’s General Counsel Michael Kim talked about new regulations from the secondary mortgage market that affect what information lenders need from condo and co-op buyers. These new guidelines arose primarily in response to the tragic Surfside condo building collapse in Florida last year. Click here to read his discussion of the issues. Secondary mortgage buyers Freddie Mac and Fanny Mae notified lenders of the changes last October, and they became effective on January 1 of this year (click on the links to read those letters). This link shows what additional information a condo association or co-op might have to provide if a potential buyer’s lender requests it.
Of the bills proposed during this last legislative session, which ended Friday, April 8, only HB4158 passed. The governor signed it on May 27 and it became effective immediately. This law requires the boards of condo and common interest community associations to maintain records of any reserve study. Essentially, this codifies into law what many associations already do. It also extends to January 1, 2024, compliance with the Condo and Common Interest Community Ombudsperson Act. Previously, Section 1-90 was set to be repealed on June 1, 2022. Click this link to read the full text of the bill.