CHICAGO – Transparency for Chicago residents who live in high rises will increase thanks to a measure sponsored by State Senator Sara Feigenholtz (D-Chicago) that was signed into law Friday.
“After the condominium collapse in Seaside, Florida, constituents became weary of the high rises in Chicago,” Feigenholtz said. “Condominium associations need to be reliable and transparent to tenants about renovations, repairs and updates to their buildings.”
A reserve study helps identify the stability of the condominium association’s finances and assists in planning ahead for costs associated with common area maintenance expenditures. This study helps homeowners and condominium associations determine how much in reserve funds should be maintained.
Feigenholtz’ new law requires a homeowner or condominium association who conducts a reserve study to keep it within its books and records, which by law the individual property owners have a right to inspect.
House Bill 4158 took effect immediately.
