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IN THIS ISSUE

CAA News
  • State legislative update
  • Support Maintenance Mania with your next HD Supply purchase!
  • Drama of House members distracts from GOP agenda
  • Welcome new members!


  • Education In Focus
  • Certified Apartment Portfolio Supervisor
  • Nuts and Bolts of the Housing Choice Voucher Program


  • Industry News
  • The new math of renting vs. buying
  • High-end rental homes go fast on North Shore
  • US construction spending rises 0.2 percent in March
  • Homeownership rate slips to 19-year low while rental market tightens
  • Case Shiller: Chicago condo prices soar ahead of last year
  • 1 in 3 Americans are spending too much on rent
  • Apartment market statistics for May 2014
  • Construction laws slow to adjust to 'green' building
  • Overhaul bill criticized for ending affordable housing goals







  • State legislative update
    CAA
    With less than a month left in the Illinois General Assembly's scheduled session, lawmakers are considering bills that have passed the opposite chamber. While much of the action seems routine to the casual observer, there is much going on behind the scenes which is expected to result in an end-of–session tax package that will include an extension of the current "temporary" income tax increases.
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    Support Maintenance Mania with your next HD Supply purchase!
    CAA




    Every time you make a purchase from HD Supply May 12-June 13 and use Source Code M4U, you make it possible for us to support maintenance education programs for multifamily industry professionals. HD Supply will contribute a portion of sales utilizing the code to CAA to help enhance our opportunities and offering for maintenance technicians and other apartment pros. For more information, visit http://hdsupplysolutions.com/shop/static--multi_family and don't forget to use Source Code M4U!

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    Drama of House members distracts from GOP agenda
    Greg Brown
    If the GOP were a corporation, the public relations department would be exhausted from the month of April. Three of its members in the House of Representatives, Mssrs. McAllister, Grimm and Stockman, were caught on film in a compromising position with a staffer, placed under a federal 20-count indictment and reported to be under investigation by the House Ethics Committee for campaign finance infractions, respectively.
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    Welcome new members!

    Associate member
    Rental Beast
    All Paws Pet Wash
    Costar Group
    Global Security Group Corp.
    Advanced Maintenance and Pest Solutions, LLC
    Vacant Property Security, LLC

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      FEATURED COMPANIES
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    All Nation Renovation Inc
    All Nation Renovation provides a full spectrum of construction and renovation services, including major interior and exterior rehabs, customized paint projects and fire or water restorations. MORE




    Certified Apartment Portfolio Supervisor (CAPS)
    CAA
    July 14-18, 2014
    The price is $1250 for members and $1500 for non-members for the entire CAPS designation.
    All courses will be held 8:30 a.m. to 4:30 p.m. located at
    557 West Randolph, 2nd Floor, Chicago, IL 60661.


    Strengthen Your Front Line to Increase Your Bottom Line

    If you manage multiple apartment communities or you are an experienced apartment manager with a CAM, ARM or RAM designation, earning your Certified Apartment Portfolio Supervisor (CAPS) designation is your next step to advancing.

    Training covers:
    • Legal Responsibilities and Risk Management
    • Financial Management
    • Property Performance Management
    • Property Evaluation and Due Diligence
    • Effective Leadership
    Register Today!

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    Nuts and Bolts of the Housing Choice Voucher (HCV) Program
    CAA
    July 9
    Two sessions on one day!
    Session 1 9 a.m.-11 a.m.
    Session 2 1:30 p.m.-3:30 p.m.
    Presented by: The Housing Authority of Cook County (HACC)
    CAA Office, 557 W. Randolph, Ste 201, Chicago, IL
    Register/More Info:
    Session 1
    Session 2

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    UPCOMING COURSE SCHEDULE

    Date Event Location

    Complete Course Calendar
    Part 1: May 6-9
    Part 2: June 3-5
    Certified Apartment Maintenance Technician 8:30 a.m.- 4 p.m.
    CAA Office, 557 W. Randolph, Ste 201, Chicago $849
    Register/more info
    June 18-19 Leasing Agent Licensing 8:30 a.m.-4 p.m.
    122 S. Michigan Ave., Chicago, IL (National-Louis University)
    To register/more info call: (630) 353-0400
    July 14-18 Certified Apartment Portfolio Supervisor (CAPS) 8:30 a.m.- 4 p.m.
    CAA Office, 557 W. Randolph, Ste 201, Chicago
    $1,250
    Register/more info
    Aug. 12-14 National Apartment Leasing Professional (NALP) 8:30 a.m.-4 p.m.
    CAA Office, 557 W. Randolph, Ste 201, Chicago
    Register/more info
    Sept. 15-19 Certified Apartment Manager (CAM) 8:30 a.m.-4 p.m.
    CAA Office, 557 W. Randolph, Ste 201, Chicago
    Register/more info




    The new math of renting vs. buying
    The Wall Street Journal
    Buying a home has long been part of the American dream. But rising prices have made renting less expensive in many places. People often aspire to own a home for reasons that have little to do with money, and rental options are limited in some communities. Yet owning property can limit your flexibility to move when you want and ties up a lot of your money.
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    High-end rental homes go fast on North Shore
    Crain's Chicago Business
    Amid the recovering residential market, multiple purchase offers on North Shore homes in the Chicago area are nothing unusual these days. What's new is that high-end homeowners who want to rent, not sell, are receiving multiple offers, too, often during the first few days the house is on the market.
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    US construction spending rises 0.2 percent in March
    The Associated Press via ABC News
    U.S. construction spending rose slightly in March, fueled by increases for apartments, single-family homes, factories, health care centers and office projects. The Commerce Department said construction spending increased just 0.2 percent in March after having fallen 0.2 percent in February. The March gains put construction at a seasonally adjusted annual rate of $942.5 billion, an 8.4 percent increase year-over-year.
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    Homeownership rate slips to 19-year low while rental market tightens
    Los Angeles Times
    The nation's homeownership rate slipped to its lowest level in 19 years in the first quarter as more households rented and home sales remained low. That's according to the Census Bureau, which said 64.8 percent of homes in the U.S. are owner-occupied, the lowest share since the second quarter of 1995. Meanwhile, the census said the rental vacancy rate stayed near record lows at 8.3 percent, and the median rent for available units nationwide hit an all-time high of $766 per month.
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    Case Shiller: Chicago condo prices soar ahead of last year
    ChicagoNow
    The Case Shiller home price index for February showed prices continuing to decline from the previous month but that is totally normal for this time of year. What is more interesting is the price change relative to last year at this time and of course the index numbers specifically for Chicago. And when you look at the price change for Chicago condos (and townhomes), the story gets even more interesting.
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    1 in 3 Americans are spending too much on rent
    CNN
    One out of three Americans now live in a housing market where rent for a three-bedroom home eats up more than 30 percent of the monthly median income, the traditional threshold for affordability, according to RealtyTrac. And in some cities, residents are doling out a much larger percentage of their paychecks.
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    Apartment market statistics for May 2014
    Multi-Housing News
    According to PPR/CoStar, the average apartment sales price was $107,501 per unit in the fourth quarter of 2013, down slightly from the same period in 2012. Coop and condo prices rose by 13 percent over 2013, while inventory fell, according to the National Association of Home Builders. Housing starts, meanwhile, exhibited a downward trend.
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    Construction laws slow to adjust to 'green' building
    Nate Budde
    A rapidly-expanding segment of the construction industry is centered on "green" building projects, including the construction of green-energy installations such as solar arrays or wind farms. But mechanics lien and bond claim law has not necessarily kept pace. The policy behind mechanics lien protection has not changed, but the availability of the mechanics lien remedy may be slipping away for some of these types of projects. One particularly complex area in which green energy and mechanics liens converge is in the construction of solar arrays, or the installation of solar panels.
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    Overhaul bill criticized for ending affordable housing goals
    NPR
    There's a fight in Washington over the future of homeownership in America. At issue is a bipartisan bill to dramatically reshape the housing finance industry — the industry that was at the heart of the financial crisis. It's also an industry that's at the heart of the American dream — and the bill before Congress may affect who can afford to buy a house.
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    TRENDING ARTICLES
    Missed last week's issue? See which articles your colleagues read most.

        Stuart Handler, CAA board member, discusses Chicago rental market (Crain's Chicago Business)
    Innovative new Community Investment Corporation program provides more affordable apartments (Community Investment Corporation)
    Aid for rental market (Chicago Tribune)
    Top 5 reasons why 'the customer is always right' is wrong (The Huffington Post)

    Don't be left behind. Click here to see what else you missed.


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    CAA In Focus
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    Phone: 312-207-1890/Fax: 312-207-1890

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