CONDO AND NEIGHBORHOODSTABILIZATION PROPOSAL
Proposed Amendments to Condo Conversion Ordinance According to the 2000 census report, over 50% of the population of the Cityof Chicago lives in rental housing. In the Chicago Metropolitan 6-countyarea, the HUD defined median income for a family of 4 is approximately$75,000/ year.
However the census data shows that 79.5% of the populationof household incomes in Chicago is below $75,000.
Since low incomehouseholds tend to rely upon rental housing, the loss of these units – on sucha significant segment of the population – will result in an affordable housingcrisis.According to the report,
One and a Half Decades of Apartment Loss and Condominium Growth: Changes in Chicago’s Residential Building Stock
by Julie Lynn Davis and David F. Merriman the data suggests that somewherebetween about 45,000 and 100,000 rental apartments were replaced bycondominiums in Chicago’s housing market between 1989 and 2004. This isa significant loss of rental units – leaving those reliant upon these resourcesvery vulnerable. The Proposed Condo Conversion Ordinance Amendments seek to create afair balance between home-ownership options and affordable rental housingneeds. Chicago latest unregulated condo craze has left many communitieschanged beyond recognition, forced many long-term residents to move outof their homes and neighborhoods, left new owners with high unexpectedcosts and created a glut of unoccupied units. Chicago needs a condo policythat takes into account the needs of renters, purchasers and communityresidents. The Condo and Neighborhood Stabilization Proposal includes the followingamendments:
An increase in time for tenants to find a new apartment andrelocate.
The extra time allows families to move at a convenient timethat will not disrupt school, work, health needs. It gives them time tofind a place in their current neighborhood during a tight rental market.
Financial assistance for moderate to low-income tenantsdisplaced in the conversion process.
Besides time renters oftenneed money to cover the costs of moving such as rent, securitydeposits, utility costs, movers, etc. For many moving is not in theirbudget.
The ability to break a lease should the owner decide to convertto condo
. Tenants with leases do not want to be the last person in