|This message contains images. If you don't see images, click here to view.|
Advertise in this news brief.
CHA should end rent subsidies for luxury apartments
Crain's Chicago Business
The Chicago Housing Authority needs to rethink its "supervoucher" program, which allows a select few residents to live in luxury high-rises, raising questions about waste and abuse of tax dollars. As Crain's has reported, the agency is exploiting a loophole in federal regulations so it can pay market-rate rents for 706 low-income families, many of whom live in Chicago's most expensive apartment buildings. Ordinarily, the rent under the voucher program is capped at 110 percent of fair market rent, about $826 a month for a one-bedroom unit in Cook County. But in 2010, the U.S. Department of Housing and Urban Development gave CHA permission to increase the cap to 300 percent in certain neighborhoods where affordable housing is scarce.
Outcome of midterm elections critical to apartment industry
By Greg Brown
Dear Apartment Industry Colleagues,
It's once again that time of year when Congressional thoughts turn to the five-week August recess — vacations, Congressional Delegation ("CODEL") trips, town hall meetings, fundraisers, parades and apartment community tours. Typically at this time of year I bemoan the partisanship that prevented so many straightforward legislative successes from happening before Congress departed for its extended vacation. I mock the impact of the "silly season" and the focus by members of Congress on keeping their jobs. Finally, I decry the mountain of bills that will be left undone until after Election Day, thus allowing Senators and Representatives to avoid tough decisions. Thankfully, you will be spared all of that. You're welcome.
The decision is in: A move-in fee is not a security deposit or pre-paid rent
Kovitz Shifrin Nesbit
The First District Appellate Court in Illinois has finally ruled on an issue that has had landlords sitting on pins and needles. But fret no more, the Court's decision favors landlords and protects a practice that has become routine in the last several years. Because of the harsh penalties imposed by the Chicago Residential Landlord Tenant Ordinance for any security deposit infraction, many landlords have chosen to charge a flat "move-in" fee in lieu of taking a dreaded security deposit. However, the details were never clear — how much is reasonable before you cross the line into "security deposit" territory? Do you have to provide the court with office procedures to justify a "move-in" fee? What steps do you need to take to make sure the trial court deems it a "move-in" fee and not a security deposit? And, worst of all, how can you be certain that numerous trial judges will rule consistently? The Appellate Court's decision answers all of these questions and gives landlords the green light to minimize their risk by choosing a safer alternative to security deposits.
Prep X provides integrated pest treatments including skilled preparation services and heat chamber. After pest servicing, we will even put the encased bed back in place so residents can sleep that evening. Please click the above links for the e-brochures or email or call (312)339-5032 for free quote. Mention this ad and get the first bed encased FREE of charge.
As a family-owned & -operated company, we understand that budgets are paramount when it comes to making ground maintenance decisions. This is why we have committed ourselves to extending the lifecycle of your pavement.
We take pride in delivering quality work in a wide variety of areas.
Wheel Stops Striping
Crack Filling Sealcoating
Preview online and sponsorship registration open
Registration to attend our annual industry outlook breakfast, Preview, and Preview sponsorships are now available. Click here to register or for additional information.
1 month to Summer Social
Join us for this end of summer networking event (the Summer Social) on Wednesday, Sept. 17. The three hour event is only $40 per member and will take place in Wrigleyville. Click here for more details and to register. We look forward to seeing you there!
Welcome new members!
EPA Multifamily Energy Reporting
8 a.m.-10 a.m.
Register/More Info: Here
East Bank Club
500 N. Kingsbury, Chicago, IL
Certified Apartment Manager (CAM) and Certified Apartment Supplier (CAS)
8:30 a.m.-4 p.m.
Register/More Info: CAS | CAM
557 W. Randolph, Ste 201, Chicago, IL
Don't delay — Register today!
Apartment All-Stars registration early bird discount has been extended to Friday, Aug. 29, 2014!
9:30 a.m.-1:30 p.m.
Register/More Info: Here
US Cellular Field Conference Center
333 W. 35th St., Chicago, IL
Guns, Marijuana & Multi-Family Housing ... the Legal and Practical Policy Considerations
Our Speakers will discuss the statute and break it down as it applies to your properties, tenants, and employees. Find out how to enforce the new
law in your common areas versus an individual unit, in the parking lot versus your leasing office, and against your tenants versus guests.
Learn legal angles and practical tips for establishing polices that will protect you, your employers, and your owners from liability under
the concealed carry and medical marijuana act.
8:30 a.m.-11 a.m.
Register/More Info Here
205 W. Wacker Drive #202, Chicago, IL
Post recession, single-family home rentals are hot
Big money has in the past been relatively rare in the rental house market. According to an analysis earlier this year on the single-family rental market by New York investment banking firm Keefe, Bruyette & Woods Inc., about half the nation's 14 million rental homes are owned by individuals who own just one rental property. Only about 2 million are owned by investors with 10 or more properties.
Report: CHA saved millions while residents waited
For the first time in more than five years, the Chicago Housing Authority has opened its waiting list and is issuing housing choice vouchers to 3,000 new residents who need help paying their rent, officials with the agency said. But while the expansion of the housing choice program is being hailed by some as good news, a local, independent think tank is releasing a report alleging that over the same five years, the CHA has steadily socked away hundreds of millions of dollars instead of spending the money to house the poor.
CHA 'supervouchers' spark federal probe
Crain's Chicago Business
The internal watchdog of the U.S. Department of Housing and Urban Development is launching an investigation of a Chicago Housing Authority program that pays market-rate rents for poor people to live in some of the city's most expensive apartment buildings. HUD Inspector General David Montoya is conducting an audit of the CHA's use of federally funded housing vouchers to subsidize low-income residents in high-end buildings, according to a Capitol Hill source.
A $1,000 increase in home prices keeps more than 200,000 households out of the market
Each $1,000 increase in the cost of a new median-priced home price forces 206,000 prospective buyers out of the marketplace, according to a study by the National Association of Home Builders. The number of households affected varies across states and metro areas and largely depends on their population, income distribution and new home prices. Among the states, the number of households who would no longer be eligible to qualify for a mortgage based on a $1,000 increase to a median-priced home ranges from a low of 313 in Wyoming to a high of 18,250 in Texas.
US apartment market vacancy rates at 13-year lows
World Property Channel
According to Freddie Mac's mid-year multifamily outlook, the U.S. multifamily market is very strong with vacancy rates at a 13-year low. Additionally, a large cohort of young adult renters and potential renters, coupled with continued existing demand for apartments is expected to meet the new supply of units being constructed.
Physician bets big on high-end rental homes
Crain's Chicago Business
A northwest suburban doctor has assembled a $4.9 million portfolio of rental properties in one big gulp, buying three homes in Lincoln Park and Lakeview for more than $1 million each. Two are rented, at $10,500 and $7,000 a month, and the third is available at $9,500 a month. Dr. Tseghai Berhe, a pediatric endocrinologist at Alexian Brothers Health System based in Elk Grove Village, made a $1.15 million purchase on Wrightwood Avenue in March 2013, according to the Cook County Recorder of Deeds, and followed with a $2.05 million purchase on Dickens Avenue in August.
Missed last week's issue? See which articles your colleagues read most.
CAA In Focus
Colby Horton, Vice President of Publishing, 469.420.2601
Download media kit
Esther Cho, Content Editor, 469.420.2671
Chicagoland Apartment Association
557 W. Randolph St. #201 Chicago, 60661
Phone: 312-207-1890/Fax: 312-207-1890
Be sure to add us to your address book or safe sender list so our emails get to your inbox. Learn how.
This edition of the CAA In Focus was sent to ##Email##. To unsubscribe, click here. Did someone forward this edition to you? Subscribe here — it's free!
July 29, 2014
July 15, 2014
July 1, 2014
June 17, 2014
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063