New Law Offers Illinois Renters Some Protection from Foreclosures
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October 29, 2009
CHICAGO - Renters living in financially unstable buildings in Illinois can breathe a collective sigh of relief thanks to a new law going into effect today. The law provides tennants with protections in the event the owner of their rental property falls into foreclosure.
Bob Palmer, policy director for Housing Action Illinois, says the new law will give those renters more time to make plans.
"It will give them a minimum of 30 days to move after the eviction's been ordered. It's primarily going to impact tenants who are in an apartment on a month-to-month lease or who don't have a lease at all."
While much attention has been paid to helping home owners facing foreclosure in the housing crisis, Palmer says renters haven't been so lucky.
"There's been, not enough, but a lot of focus on the owners of these buildings and trying to assist them. So, we just want to make sure there's more of a balance or there's sufficient resources for renters as well."
The law also forces the building's new owners to tell residents about the foreclosure and disclose contact information for concerns and requests within 21 days of taking ownership of the property. Palmer says the percentage of foreclosures that involve multiple-unit properties has risen about 36 percent from last year.
The law gained the support of the Sargent Shriver National Center on Poverty Law and Housing Action Illinois.