Monday, March 06, 2006

Osterman Bill Creating Condo Advisory Council Moves to Senate

SPRINGFIELD – Legislation sponsored by State Rep. Harry Osterman, D-Chicago, and passed by the House Friday would create the Condominium Advisory Council to identify issues facing condominium owners, associations and others who have financial interests in condominiums.

“The number of condominiums purchased in Chicago and Illinois each year continues to grow providing needed housing for many residents,” Osterman said. “However, we lack a state entity to address the problems and concerns experienced by condo owners, community organizations, associations and management related to condominiums. This bill will bring together a panel of experts to generate dialogue and formulate feasible solutions to the issues surrounding the industry.”

House Bill 5334 would create the Condominium Advisory Council for the purposes of updating and improving the Condominium Property Act and other Acts concerning condominium ownership. The council will research, produce and submit a report of their findings to the Governor and General Assembly.

The Council will consist of 7 unpaid members, four of which are appointed by the General Assembly. The 3 remaining members, appointed by the Governor, will be citizens who have knowledge of, or ownership issues in condominiums. The Department of Revenue will provide administrative and financial support to the Condominium Advisory Council.

“After the original drafting of the Illinois Condominium Property Act, many attempts have been made to fine-tune the law or to legislate because of judicial decisions,” said Sheli Lulkin, president of Association of Sheridan Condo/Co-op Owners. “What Rep. Osterman is doing is extremely valuable to condominium owners and residents, because for the first time the revised Act will be looked at as a whole for gaps or unnecessary additions. Now that condominiums have become a very popular way of life, both in urban and outlying areas, there is a growing need for this review by persons with knowledge of and experience in working with the ICPA as residents, professionals and legislators.”

According to the Illinois Association of Realtors, the Illinois condominium market showed a 9.8 percent increase of units sold from 2004 to 2005.

House Bill 5334 passed the House and now moves to the Senate for further consideration.

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