Tag:real estate
Streamlining Regulatory Compliance in Chicago’s Real Estate Development
In December 2023, Chicago Mayor Brandon Johnson took a significant step toward revolutionizing the city’s real estate development process by signing Executive Order No. 2023-21. This directive tasked 14 city departments with identifying the key barriers that complicate housing and commercial development that subsequently lead to delays, increased costs, and uncertainty. The goal was to find solutions to accelerate the approval processes, reduce regulatory redundancies, and streamline compliance with city, state, and federal regulations, ultimately making Chicago’s real estate development process more efficient and predictable.
Opportunity Zone Program: Opportunity for Investors or Opportunity for Communities?
With the implementation of the Tax Cuts and Jobs Act that was passed in 2017, there have been several changes to the tax system. The Opportunity Zone program was a small piece of the tax reform that has recently gained more publicity. The Opportunity Zone program provides tax benefits to real-estate investors. The Trump Administration recently released definitions and rules in a package of proposed regulations.
DEEP DIVE: Security Deposit Compliance in the City of Chicago
Landlords have a duty to know the laws applicable to their properties, in all matters great and small. While security deposits may seem on the “smaller” end of a landlord’s duties, he or she must remain compliant with all state and local municipal laws—even when handling security deposits. Whether a large or small residential unit landlord in the City of Chicago, a violation of the state and municipal security deposit laws can have a catastrophic domino effect, resulting in lost revenue, penalties, and lawsuits. In fact, some landlords have had to shell out six-figure settlements and file for bankruptcy as a result of violating the laws surrounding security deposits.