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Chicago: Proposed Amendment to Vacant Property Registration Ordinance

Posted By USFN, Tuesday, June 27, 2017
Updated: Monday, June 12, 2017

June 27, 2017

by Lee Perres
McCalla Raymer Leibert Pierce, LLC – USFN Member (Connecticut, Florida, Georgia, Illinois)

An amendment to the Vacant Property Registration Ordinance has been proposed by Alderman Cardenas (12th Ward). It would have the effect of dramatically raising the registration fees for loan servicers pertaining to vacant properties. The proposed ordinance can be accessed at this webpage.

The proposed ordinance would raise the fee for registering vacant properties from $250 to a sliding scale fee based on the number of years the property has been vacant from the original registration date. Sliding scale fees are:
• $1,000 for properties that are vacant for at least one year but less than two years;
• $1,500 for properties that are vacant for at least two years but less than three years;
• $2,500 for properties that are vacant for at least three years but less than five years;
• $4,500 for properties that are vacant for at least five years but less than ten years;
• $6,000 for properties that are vacant for at least ten years, plus an additional $500 for each year in excess of ten years.

As noted above, this ordinance is in the proposal stage at this time, with a number of groups fighting its passage. This author’s firm will keep you posted on future developments.

© Copyright 2017 USFN and McCalla Raymer Leibert Pierce, LLC. All rights reserved.
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