April 21, 2020 Comments Off on North Side Alderman Introduces Rent-Relief Legislation Views: 394 Chicago News, North Side

North Side Alderman Introduces Rent-Relief Legislation

Order Reprints...

Ald. Matt Martin, who represents the 47th Ward on the North Side, has introduced an ordinance to the City Council that would provide renters who are struggling financially due to the COVID-19 shutdown with up to 12 months to pay that rent.

Martin also wants to pass a non-binding resolution calling on Gov. J.B. Pritzker to help secure a commitment from mortgage lenders to offer at least 90 days of mortgage forbearance to borrowers who have lost income due to COVID-19.

The resolution further calls upon these lenders to waive or refund mortgage-related late fees, as well as to forgo reporting the occurrence of late payments to credit reporting agencies, Martin said.

It’s not clear whether the council could enact Martin’s ordinance. The Chicago Tribune reported that it might run afoul of the statewide ban on municipalities imposing rent control.

Read more at Chicago Tribune

Connect With Ald. Martin

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , , , ,

Comments are closed.

Send this to a friend