Business Institutions

Apartment repossession law has offered no bite

Apartment repossession law has offered no bite

Almost 11 months after an ordinance took effect to protect tenants in foreclosed, repossessed rental buildings within Chicago, no enforcement tickets have been issued or fines assessed against building owners.

One reason is that some of the banks taking possession of properties are following the ordinance by offering leases to qualified tenants or evicting others and providing them with the required relocation assistance of $10,600 per unit.

Another is Illinois' lengthy foreclosure process, which extends the time for properties in the foreclosure pipeline to come out the other side and the required notifications to be sent.

But, according to community groups, too many...