May 28, 2026
When a developer turns control of an Illinois condominium association over to an owner-elected board, what happens if the reserve account is nowhere near enough to cover looming repairs to the roofs, parking lots, and other common elements? Can the board pursue the developer years later for failing to set aside adequate reserves? In the case of Bd. of Managers…
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July 21, 2025
HB 2563: New Illinois Legislation May Require Condo and HOA Reserve Studies Every 5 Years Illinois’ 2025 legislative session began January 8 and adjourned May 31. Nearly 7,900 bills were introduced during the 2025 session. HB 2563/SB 1703 is legislation that would require condominium associations governed under the Illinois Condominium Property Act (765 ILCS 605/1 et. seq) and homeowners associations…
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June 23, 2025
Illinois Condo Developers have a Fiduciary Duty to Create a Reserve Fund after recording the Declaration One of the most significant challenges facing board members taking over a newly built condominium, townhomes, or single-family homes is that the community association is often turned over from the developer with minimal funds. Developers often set unrealistically low initial assessments to make homes…
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January 21, 2025
A 3 Step Process for Collecting Condominium & HOA Assessments in Illinois Assessment payments are the lifeblood for a community association as these payments are generally the sole source of income for most community associations. The income received from assessment payments is used to fund association operations and provide essential services. A community association that fails to collect monthly assessments…
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July 11, 2024
Should You Discount Assessments for Board Members? In community associations, a frequently debated topic is whether board members should receive discounted assessments as compensation or recognition for their service. This issue is particularly relevant in Illinois, where community associations must navigate both legal frameworks and ethical considerations. Legal Framework According to the Illinois Condominium Property Act, no provision allows for…
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August 1, 2023
What your Condo Association Needs to Know About the New Fannie Mae and Freddie Mac Lending Guidelines The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in…
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