Thursday, August 12, 2010

Recent legislation relating to real estate

Posted by Bradford Miller Law, P.C.
Experienced in real estate law, located in Chicago, IL

The Save Our Neighborhoods Act of 2010 (Senate Bill 3739) creates a foreclosure prevention program and an abandoned housing funding program within the Illinois Housing Development Authority (IHDA). The law also extends the deadline to July 1, 2013 for an existing program that pauses the foreclosure process so individuals can receive counseling. Effective Oct. 1, 2010.

The Common Interest Community Association Act (Senate Bill 3180) regulates non-condominium homeowner associations and includes an initiative allowing persons who enter the military service during the term of their residential lease, or soldiers who are deployed or transferred, to break their lease without penalty (similar to the federal Service Members Civil Relief Act). Effective July 29, 2010.

House Bill 6038 extends the Illinois Affordable Housing Tax Credit through 2016. The program has been used successfully by IHDA, local governments and non-profit housing groups. Effective July 26, 2010.

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