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IN THIS ISSUE

CAA News
  • State legislation progresses and new Chicago ordinances introduced
  • Message about permitting from Chicago Building Commissioner
  • Support Maintenance Mania with your next HD Supply purchase!
  • Welcome new members!


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


  • Industry News
  • Downtown apartment market 'on fire' in Q1
  • Demand for Chicago multi-family projects not about to slow
  • Apartments lead home-construction surge in April
  • There's no place like an almost-new condo
  • Builders find silver lining in tight inventory of resale homes
  • Single-family homes continue to be a bigger part of the US rental market
  • Top 10 least and most expensive housing markets for today's middle class
  • After nearly 11 years, Trump Tower almost sold out







  • State legislation progresses and new Chicago ordinances introduced
    CAA
    With the Illinois General Assembly scheduled to wrap up its spring session in less than two weeks, CAA has been busy tracking legislation impacting the multifamily housing industry. As previously reported, we are supporting several bills including HB 4609 (Feigenholtz), which would prohibit the state fire marshal from issuing high rise sprinkler mandate rules, HB 1532 (DeLuca/T. Cullerton), that would help facilitate the eviction of tenants cited for violations of local "criminal housing" ordinances, and HB 5395 (M. Davis), which would speed the eviction process in Cook County by limiting the number of stays of enforcement and allowing "peace officers" to execute evictions if the sheriff fails to act.

    Here is a summary of ordinances introduced at the April 30 City Council meeting that may affect CAA members. The CAA Legislative Committee will meet on May 23 to review and analyze these issues.

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    Message about permitting from Chicago Building Commissioner
    Felicia Davis, Commissioner of the Department of Buildings
    Dear Customers, Clients and Partners,

    As Commissioner for the Department of Buildings, I am committed to improving the overall experience from permitting to inspection. To accomplish this task, our permit systems need to operate efficiently. A recent analysis revealed 1,200 projects with no documented activity for the past 120 days lingering in our ProjectDox electronic permitting system (EPlan). A sampling survey of the projects found that most were no longer considered viable by the owner or developer, but they hadn't notified their Department of Buildings Project Manager of the status change.

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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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    Welcome new members!

    Associate member Owner/management member
    Cushman & Wakefield of Illinois Inc. Stonemark Management Company
    Infor AMSI
    Servpro of Bedford Park/Burbank
    Taylor Johnson



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    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




    Downtown apartment market 'on fire' in Q1
    Chicago Real Estate Daily
    Downtown landlords worried about a potential apartment glut can breathe easier, at least for a little while. Demand for apartments surged in the first quarter, boosting rents and occupancies at high-end downtown buildings after worrisome declines in the previous two quarters, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.
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    Demand for Chicago multi-family projects not about to slow
    REjournals.com
    The Central Station multi-family development in Evanston, Ill., managed by RMK Management Corp., has little in common with the 73 East Lake apartment development in Chicago's Loop, also managed by RMK. But both projects do have one thing in common: They're having little trouble attracting tenants. And that's a sign that the Chicago-area multi-family market remains a strong one today.
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    Apartments lead home-construction surge in April
    Market Watch
    Overall construction starts on U.S. homes rose 13.2 percent to a seasonally adjusted annual rate of 1.07 million, the fastest pace in five months, according to the U.S. Commerce Department. That jump was led by apartments, as starts for single-family homes only nudged higher.
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    There's no place like an almost-new condo
    Chicago Tribune
    Talk about bad timing. Hundreds of Chicago-area condominiums hit the market just as the real estate bubble burst. But after languishing for years, it appears these developments are rising in demand. While many interiors have been lavishly updated with high-end, sleek finishes, some retain their original style, including wall-to-wall carpeting and light oak cabinets. If you think it's a challenge for property owners to sell the condos, think again.
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    Builders find silver lining in tight inventory of resale homes
    Chicago Tribune
    Chicago-area homebuilders are playing a game of catch-up after a rough winter delayed construction. And while they remain concerned about the broader economy and its effect on consumers' outlooks and their wallets, builders are smiling again. Among the stats they like are those tied to the tight inventory of existing homes listed for sale. Rather than increasing, the number of homes listed for sale fell during each of the first three months of the year.
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    TRENDING ARTICLES
    Missed last week's issue? See which articles your colleagues read most.

        The new math of renting vs. buying (The Wall Street Journal)
    Case Shiller: Chicago condo prices soar ahead of last year (ChicagoNow)
    State legislative update (CAA)
    1 in 3 Americans are spending too much on rent (CNN)
    High-end rental homes go fast on North Shore (Crain's Chicago Business)

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


    Single-family homes continue to be a bigger part of the US rental market
    Business Insider
    From 2005 to 2012, single-family rental homes grew 1.7 percent per year, primarily due to the following:
    • Foreclosures and short sales. In judicial foreclosure states such as Florida, Illinois, and New York, there are many more foreclosures to come.
    • Affordability. Many households cannot afford to purchase a home due to bad credit, loan documentation issues, high levels of debt, and home prices now being out of reach.
    • Confidence. Many households do not yet have the confidence to purchase, knowing that they could lose their job or be required to relocate.

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    Top 10 least and most expensive housing markets for today's middle class
    Forbes
    Where can the middle class afford to buy a home today? Affordability has worsened in the past year, as home prices have climbed faster than incomes and mortgage rates have risen. But compared with the longer-term past, homeownership still looks relatively affordable: home prices are still undervalued and mortgage rates remain near historic lows. In most U.S. markets, the majority of homes for sale are within reach of the middle class, and buying is cheaper than renting in all of the 100 largest metros.
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    After nearly 11 years, Trump Tower almost sold out
    Crain's Chicago Business
    Maybe putting his name on the building in 20-foot letters is Donald Trump's way of signing a finished project. With two condominiums sold in the past six days, the developer has only six of the original 486 units left to sell. It has taken a long time to get to this point. The New York developer began selling condos for the riverside skyscraper way back in September 2003. No other active condo project in downtown Chicago has been in its marketing phase for that long.
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    CAA In Focus
    Colby Horton, Vice President of Publishing, 469.420.2601
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    Esther Cho, Content Editor, 469.420.2671  
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    Chicagoland Apartment Association
    557 W. Randolph St. #201 Chicago, 60661
    Phone: 312-207-1890/Fax: 312-207-1890

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