Investors and rental property owners in Illinois have benefited from the efforts of the Illinois Rental Property Owners Association's PAC (Political Action Committee) and our lobbyist for many years. As a founding member, Jane Garvey was instrumental in establishing IRPOA almost 20 years ago!
Your continued contributions to our funding and grassroots efforts are very much appreciated.
Your Right To Rent Your Property is at Risk! Call Your Legislators!
Once again we have two branches of our government that are telling us (landlords) to do opposite things with huge penalties if we do not obey them!
The Office of the General Counsel of the U.S. Department of Housing and Urban Development issued a letter about the Application of Fair Housing Act Standards to the Use of Criminal Records by Providers of Housing and Real Estate Related Transaction. They specifically suggest that the "disparate impact" of using criminal background to screen tenants is discrimination.
Yet we have been told by many local governments that we cannot rent to people with criminal backgrounds. And, in many communities with Crime Free housing laws, if someone is arrested (merely accused of a crime) we can be forced to evict them. Now at the Federal level, we are being told that we can't draw a line in the sand and refuse to rent based on a person having a criminal background. The laws are in conflict, and we are stuck in the middle.
The penalties range from loss of the right to rent our property on one side to tens of thousands of dollars of fines on the other. It is truly wrong! If you own rental property you need to be aware of this, and be taking action now. What action? Get on the phone and call your Senator and Representative in Washington, DC, your Senator and Representative in Springfield, and the City Officials in any community where you own rental property.
You can find contact information at:
Federal Members of Congress: https://www.govtrack.us/congress/members/map
Illinois State Representatives: http://il--nea.capwiz.com/nea/il/directory/statedir.tt?state=IL&lvl=state
Local - google search your various municipalities
Your next action should be to let other property owners know about this and ask them to take action as well.
Illinois Rental Property Owners Association (IRPA) Bill Tracking Report - 13 page report
Congress Passes Extension of Short Sale Tax-Break in Year-End Budget
Just before Christmas, Congress passed and the President signed a year-end omnibus budget bill that included over $1 trillion and new spending as well as over $600 billion in tax cuts. Included in those tax cuts was an extension of a tax-break for homeowners relieving them of paying income tax on the difference between what they owe on the mortgage and the amount raised in a short sale - especially if the lender reduces the owed principal amount. The tax-break, which had expired at the end of 2014, was reauthorized and made retroactive for all of 2015 and will cover all of 2016. The forgiven mortgage debt exemption is expected to save homeowners in this situation over $3 billion for tax year 2015 alone. The provision was originally signed into law by President GW Bush as part of the Mortgage Debt Forgiveness Act of 2007. It was supposed to run through 2009 but has been extended several times. Keep in mind, however, that this issue will have to be revisited once again at the end of this year. REIA members are encouraged to contact their Congressional representatives and voice their support to make important this tax-exemption permanent.
To learn more about these and other important issues affecting the real estate investing industry, visit www.RealEstateInvestingToday.com.
Here is a link to an article written by Paul Arena, the Legislative Director for Illinois Rental Property Owners Association. The article discusses a new law that took effect January 1st, 2015 regarding the Recovery of Costs in Code Enforcement Appeals.
The Illinois Rental Property Owners Association worked to get this legislation introduced and passed this past year as part of an ongoing effort to make the code enforcement process more equitable. Thank you for your participation in CCIA and your contributions to IRPOA which have helped make a difference in this case and many others.
EPA Lead Information
Federal Law requires owners of pre-1978 housing to give the "Protect Your Family…" booklet to prospective tenants before a lease is signed.
FHA Flipping Rules & Guidelines
The Case Against
Inspections & Licensing
Vacant Buildings Ordinance