Page 4 - CooperatorNews Chicagoland Spring 2022

4 COOPERATORNEWS CHICAGOLAND —SPRING 2022 CHICAGO.COOPERATORNEWS.COM Industry Pulse Events CAI-IL Hosts 40th Annual Conference & Expo The Community Associations Institute Illinois Chapter (CAI-IL) invites all condo and HOA professionals and homeowner volunteers to its 2022 Condo-HOA Con- ference & Expo, “Unity in Your Communi- ty,” which will be held on Friday, May 13, at the Donald E. Stephens Convention Center in Rosemont, from 7:30 a.m. to 5:30 p.m. According to the organization’s website, more than 1,500 attendees and exhibitors will be on hand to network and share in- formation, including education sessions on legal updates, innovative trends, hot topics, and industry best practices. Development West Loop Sees Development Boom According to The Real Deal and Crain’s Chicago Business, downtown Chicago’s West Loop neighborhood is seeing an apartment development boom like no other, with 9,065 units planned or under construction at the time of reporting. That’s more units than the rest of downtown Chi- cago neighborhoods combined. With much of the development occur- ring in the Fulton Market District, accord- ing to Crain’s, experts and locals alike at- tribute the boom to the arrival of Google and other tech companies to the area. The lifting of a residential zoning ban in the district last year also contributes. “It’s a pretty staggering amount,” says Matt Letourneau, president of Neighbors of West Loop, a residents’ group. “We of- ten ask questions about whether there are enough tenants” to fill all those apartments. TRD reports that Chicago-based de- veloper Sterling Bay recently began con- struction on a 30-story building at 160 N. Morgan Street, one of 19 multifamily de- velopments planned or under construction in Fulton Market. Three of those are also in Sterling Bay’s pipeline—one at 1245 W. Fulton Street and two at 1300 W. Carroll Street—with 1,371 apartments planned. Sterling Bay CEO Andy Gloor says in a statement, “With its strong pipeline of in- coming corporate headquarters, innovative retailers, and promising tech ventures, the area now needs more multifamily options that can accommodate a young, modern workforce.” Additionally, reports TRD, Related Midwest plans to construct a 43-story, 300-unit apartment tower at Randolph and Peoria Streets; a venture led by Chicago de- veloper Tom Roszak is building a 27-story, 375-unit project at Randolph and Elizabeth Streets; Shapack Partners is planning two Fulton Market projects totaling 591 apart- ments; and Fulton Street Cos. plans two buildings with 833 units. The projects in the planning stages aren’t a done deal, the outlets note. Rising interest rates, increased construction costs, city approval requirements, and a recession could all factor into whether they will actu- ally be developed. Legislation Program to Assist IL Homeowners Launches In March, Governor JB Pritzker and the Illinois Housing Development Au- thority (IHDA) announced the opening of the Illinois Homeowner Assistance Fund (ILHAF) on April 11, 2022. The ILHAF is designed to help homeowners who have fallen behind on mortgage payments and related housing expenses during the CO- VID-19 pandemic. According to Chicago Defender, up to $30,000 is available to each eligible house- hold to pay past due mortgage payments, property taxes, property insurance, and delinquent homeowner and/or condo as- sociation fees. Pritzker says, “Illinois was the fastest state in the nation to respond to the hous- ing crisis brought on by the pandemic, and with the need still high, we’re building on that legacy of leadership in 2022. Another $309 million to struggling mortgage own- ers in their homes is going out the door this spring. A good life, a good job, the ability to focus in a classroom—it all starts with a roof over your head. And that’s what every Illinoisan deserves.” “This program will help to combat the economic stress brought on by the pan- demic and provide relief to thousands of families,” said Lt. Governor Juliana Strat- ton. “Our administration continues to set our sights on supporting Illinois families because housing is a right and we are com- mitted to ensuring just that.” Chicago Defende r notes that homeown- ers in communities that have been dispro- portionately impacted by the health and economic effects of the pandemic will be prioritized in the distribution of assistance. PULSE continued on page 15