Page 4 - CooperatorNews Chicagoland Spring 2022
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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

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