Chicago City Council considers tenant foreclosure protection law

It is expected that alderman will introduce the “Keep Chicago Renting Ordinance”, sponsored by 33rd Ward Alderman Dick Mel and others, this Wednesday July 25, 2012.  The law, if passed, will require lenders who foreclose on a property to allow most tenants to remain in a property until the building is resold to a new landlord.  The law is backed by a number of community and public interest groups and is sponsored by at least 18 aldermen.  The law would also require lenders to maintain the rental properties.  Whether or not national lenders want to be landlords remains to be seen.  Cook County Sheriff Tom Dart also supports the measure and has indicated he will pursue a similar statute for Cook County.

About Richard Magnone

Co-founding member of Reda | Ciprian | Magnone, LLC, attorney at law and Illinois licensed lawyer since 1996.
This entry was posted in Municipal Ordinance and tagged , . Bookmark the permalink.