Illinois legislators to vote on massive rent, mortgage relief package this week

Act would cancel rent, compensate landlords and suspend mortgage payments

Chicago /
May.May 20, 2020 03:15 PM
Rep. Delia Ramirez and Gov. J.B. Pritzker (Credit: Joshua Lott/Getty Images)

Rep. Delia Ramirez and Gov. J.B. Pritzker (Credit: Joshua Lott/Getty Images)

Widespread financial relief for Illinois tenants and landlords could be signed into law by Gov. J.B. Pritzker by the end of this week.

According to the Chicago Tribune, state lawmakers are expected to vote on a bill that would cancel tenant rent debt and compensate landlords for canceled payments, while also suspending mortgage payments, among other things.

The bill, called the Covid-19 Emergency and Economic Recovery Renter and Homeowner Protection Act, is sponsored by Rep. Delia Ramirez and has support among Democrats.

If it’s signed into law by Pritzker, the act would be in effect until the state’s unemployment rate returns to its pre-pandemic levels and the governor’s disaster declaration has expired. https://therealdeal.com/chicago/2020/03/20/gov-pritzker-calls-for-end-to-evictions-non-essential-business-in-statewide-shelter-in-place-order/

The act would cancel rent for those diagnosed with Covid-19, prevent landlords from fining those residents or reporting them to a consumer reporting agency and compensate landlords for canceled payments, according to the Tribune. It would also suspend mortgage payments for coronavirus-impacted landlords; provide a 180-day forbearance on taxes, insurance and fees, place a moratorium on foreclosures and prevent new eviction filings in court, according to the report.

The act also allows tenants additional time to pay back late rent even after the existing moratorium expires.

“There are a ton of small landlords out there making things work and being as kind and generous as they can, but we can’t just rely on the generosity of individual actors,” said Rep. Will Guzzardi, a Chicago Democrat and co-sponsor. “We need policy to protect people.”

Pritzker placed a moratorium on evictions in mid-March, but he has resisted enacting larger protections on rent and mortgage payments, mainly citing a state law that prevents rent regulation. [Tribune] — James Kleimann


Related Articles

arrow_forward_ios
BMO Harris Bank CEO David Casper (Google Maps, BMO)
BMO Harris Bank to close 9 locations in Chicago area amid retail woes
BMO Harris Bank to close 9 locations in Chicago area amid retail woes
The Drake Hotel (Turner Construction, Getty)
Drake Hotel, host to royals and mobsters alike, hits market
Drake Hotel, host to royals and mobsters alike, hits market
600 West Chicago Avenue (Sterling Bay)
Latest office amenity is a doctor’s office downstairs
Latest office amenity is a doctor’s office downstairs
(Lollapalooza, Getty)
More than a mint: Hotel industry seeks $75M for Chicago comeback
More than a mint: Hotel industry seeks $75M for Chicago comeback
Gov. J.B. Pritzker (Getty, iStock)
Statewide eviction moratorium will end in August, Pritzker says
Statewide eviction moratorium will end in August, Pritzker says
Chicago has increased the number of people allowed inside restaurants and will reopen the United Center to fans — with capacity limits. (Getty)
Chicago eases Covid restrictions on slew of venues
Chicago eases Covid restrictions on slew of venues
(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Covid eviction cases would be sealed under state bill
Covid eviction cases would be sealed under state bill
Lincolnwood Town Center in Lincolnwood and Washington Prime Group CEO Louis Conforti (Google Maps, Twitter)
Lincolnwood Town Center’s $47M loan in default again
Lincolnwood Town Center’s $47M loan in default again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...