Most people who want to buy homes cannot pay cash. They need a mortgage to fund the transaction, and they may spend three decades paying off the funds they borrowed to purchase their homes. Qualifying for a mortgage from a profit-driven lender can be a challenge....
Recently, a federal court in Massachusetts ordered the release of $30 million in U.S. Department of Housing and Urban Development (HUD) funds. Those funds are meant for fair housing organizations, some of which work with housing cooperatives (co-ops) to fight against...
Ever since the federal legislature passed the Corporate Transparency Act (CTA), it has been a source of ongoing legal controversy. The CTA requires the disclosure of beneficial ownership information (BOI) details. Businesses with opaque structures such as corporations...
Starting a non-profit organization comes with its own unique set of challenges. Unlike for-profit businesses, non-profits must navigate a complex legal landscape while staying true to their mission of serving the public good. In Illinois, understanding these...
There is an old saying that good fences make good neighbors. Essentially, the saying has to do with respecting boundaries and privacy rights. Unfortunately, cooperative housing creates proximity that can lead to flaring tempers and major disputes between residents....
Annual meetings for co-op, condo, or homeowners’ associations (HOAs) are crucial for maintaining a well-functioning community. These meetings provide a platform for residents to discuss important issues, make decisions, and vote on various matters. Typically, the...
In 2021, the government enacted the Corporate Transparency Act (CTA) into federal law. Their stated aim was to combat money laundering, tax fraud, financial crimes, terrorist financing and other illegal activities. One of the requirements of the CTA was that...
Homeowners' Associations (HOAs) are crucial in maintaining community standards and fostering neighborly relations. However, conflicts can arise over property maintenance, rule enforcement, and financial management. For many of these cases, mediation is an effective...
Sitting on coop and condominium boards can be thankless volunteer job. The list of responsibilities is typically long, ranging from fielding questions from fellow residents to staff supervision to issuing assessments for major projects. Some board members may not...
Fair housing laws are crucial to ensuring equal opportunity in housing, aiming to eliminate discrimination based on race, color, national origin, religion, sex, familial status and disability. These laws are primarily governed by the Fair Housing Act of 1968 in the...