On April 30, 2021, the First District Appellate Court struck down Chicago’s Protecting Tenants in Foreclosed Rental Properties Ordinance, better known as the Keep Chicago Renting Ordinance (“KCRO”) finding it is completely preempted by Illinois’ Rent Control Preemption Act (“RCPA”). The decision is Rivera v. Bank of New York, et…
Read More »In Skyworks, Ltd. v. Centers for Disease Control & Prevention, No. 5:20-CV-2407 (N.D. Ohio Mar. 10, 2021) and Tiger Lily LLC v. United States Dep’t of Housing & Urban Development, No. 2:20-CV-2692-MSN-ATC (W.D. Tenn. Mar. 15, 2021) district courts in Ohio and Tennessee struck down the Centers for Disease Control…
Read More »In Brown v. Azar, No. 1:20-CV-03702-JPB (N.D. Ga. Oct. 29, 2020), several landlords brought suit against the Secretary of the U.S. Department of Public Health and Human Services (“HHS”) challenging the Center for Disease Control and Prevention’s (“CDC”) September 4, 2020 moratorium on residential evictions (“Order”). They sought a preliminary…
Read More »The insured in Evergreen Real Estate Servs., LLC v. Hanover Ins. Co., 2019 IL App (1st) 181867 (Jan. 4, 2020) sought a declaration that its insurer had a duty to defend it in a class action brought by the insured’s tenants alleging that the insured committed several violations of the…
Read More »In Trilisky v. City of Chicago, 2019 IL App (1st) 182189 (Sept. 26, 2019), a purchaser who bought real estate from Fannie Mae, and was assessed a transfer tax on the transaction, sued the City of Chicago on behalf of a class claiming that sales to and from Fannie Mae…
Read More »On April 17, 2019, the IRS issued proposed regulations providing additional guidance about investments in qualified opportunity zones. Comments to the proposed regulation are due within 60 days after the date the proposed rules are published in the federal register. These regulations relate to the Tax Cuts and Jobs Act…
Read More »The Sixth District held in Palmer Park Square, LLC v. Scottsdale Ins. Co., 878 F.3d 530 (6th Cir. Dec. 22, 2017) that an insured’s suit for statutory penalty interest for the insurer’s late payment of the insurance claim did not arise under the policy and was therefore not subject to…
Read More »The Seventh Circuit held that private persons who purchase property from Federal Fannie Mae are not exempt from the City of Chicago’s Real Property Transfer Tax. In Federal National Mortgage Association v. City of Chicago, 16-4140 (7th Cir. October, 30, 2017) a group of buyers purchased real property in Chicago…
Read More »On November 16, 2017 the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (GSEs) will be allowed a limited re-entry into the Low Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. According to the announcement, each GSE will be subject to an annual…
Read More »Fannie Mae succeeding in reversing a decision by the Circuit Court of Cook County which entered an in personam money judgment against it for the City of Chicago’s demolition costs on the basis that the demolition proceeding where the costs were assessed was an in rem action and Fannie Mae…
Read More »