Illinois Governor Pat Quinn signed a new law protecting Illinois renters in foreclosed multifamily properties.
The new law requires those acquiring foreclosed residential property to honor existing leases or give tenants adequate time to make a safe move. This legislation is part of Governor Quinns commitment to protecting Illinois families and helping them fight foreclosure.
Senate Bill 56 requires anyone who is acquiring residential property through a foreclosure to honor their tenants existing leases or provide a minimum of 90 days for renters to secure new housing.
The law extends, clarifies and strengthens key provisions of the federal Protecting Tenants in Foreclosure Act that is set to expire in 2014. The bill was strongly supported by the Heartland Alliance, Sargent Shriver National Center on Poverty Law and other advocacy groups.
The law will go into effect later this year.
Illinois remains one of the states hardest hit by foreclosure. This bill provides protections that will keep renters impacted by foreclosure in their homes and afford them enough time to make safe moves for themselves and their families, Jeremy Bergstrom of the Sargent Shriver National Center on Poverty Law said.
American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.