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IN THIS ISSUE

CAA News
  • CHA should end rent subsidies for luxury apartments
  • Outcome of midterm elections critical to apartment industry
  • The decision is in: A move-in fee is not a security deposit or pre-paid rent
  • Preview 2015 attendee and sponsorship registration open
  • 1 month to Summer Social
  • Welcome new members


  • Education In Focus
  • EPA Multifamily Energy Reporting
  • Certified Apartment Manager (CAM) and Certified Apartment Supplier (CAS)
  • Don't delay — Register today for Apartment All-Stars
  • Guns, Marijuana & Multi-Family Housing ... the Legal and Practical Policy Considerations


  • Industry News
  • Post recession, single-family home rentals are hot
  • Report: CHA saved millions while residents waited
  • CHA 'supervouchers' spark federal probe
  • A $1,000 increase in home prices keeps more than 200,000 households out of the market
  • US apartment market vacancy rates at 13-year lows
  • Physician bets big on high-end rental homes







  • 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.
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    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.

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    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.
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    Preview online and sponsorship registration open
    CAA









    Registration to attend our annual industry outlook breakfast, Preview, and Preview sponsorships are now available. Click here to register or for additional information.

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    1 month to Summer Social
    CAA
    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!
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    Welcome new members!

    Associate Members Owner/Management Members
    Container Store WASH Multifamily Laundry Systems
    Global Water Technology, Inc. Tanglewood Apartments Owner, LLC

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    EPA Multifamily Energy Reporting
    CAA
    Sept. 10
    8 a.m.-10 a.m.
    Register/More Info: Here
    East Bank Club
    500 N. Kingsbury, Chicago, IL

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    Certified Apartment Manager (CAM) and Certified Apartment Supplier (CAS)
    CAA
    Sept. 15-19
    8:30 a.m.-4 p.m.
    Register/More Info: CAS | CAM
    CAA Office
    557 W. Randolph, Ste 201, Chicago, IL

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    Don't delay — Register today!
    CAA









    Apartment All-Stars registration early bird discount has been extended to Friday, Aug. 29, 2014!

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    Apartment All-Stars
    CAA
    Sept. 23
    9:30 a.m.-1:30 p.m.
    Register/More Info: Here
    US Cellular Field Conference Center
    333 W. 35th St., Chicago, IL
    Complimentary Parking

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    Guns, Marijuana & Multi-Family Housing ... the Legal and Practical Policy Considerations
    CAA
    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.

    Aug. 28
    8:30 a.m.-11 a.m.
    Register/More Info Here
    Appraisal Institute
    205 W. Wacker Drive #202, Chicago, IL

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    Post recession, single-family home rentals are hot
    USA Today
    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.
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    Report: CHA saved millions while residents waited
    Chicago Tribune
    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.
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    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.
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    A $1,000 increase in home prices keeps more than 200,000 households out of the market
    NAHB
    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.
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    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.
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    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.
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    TRENDING ARTICLES
    Missed last week's issue? See which articles your colleagues read most.

        Poor families use 'supervouchers' to rent Chicago's priciest buildings(Crain's Chicago Business)
    Rental market stabilizing but renter profile is changing (Mortgage News Daily)
    In the rental market, Craigslist may be undisruptable (San Francisco Chronicle)

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

    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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