HB5037ham001 95TH GENERAL ASSEMBLY

Judiciary I - Civil Law Committee

Filed: 3/12/2008

09500HB5037ham001 LRB095 15175 AJO 47694 a

AMENDMENT TO HOUSE BILL 5037

AMENDMENT NO. ______. Amend House Bill 5037 on page 1, by inserting after line 3 the following:

"Section 1. Legislative findings. The General Assembly finds that it is imperative for municipalities to reclaim certain housing stock that has been used in various fraudulent schemes and that now creates a nuisance to the municipality. Distressed condominiums create a hazard and blight to the general public and community, diminish the local tax base, distort the true value of property in the community (thereby creating illusory market values that harm innocent developers and buyers), and remove housing from the rental market, especially for low and moderate income renters. While normal conservation and building code enforcement methods can adequately deal with housing code violations found in legitimately created condominium buildings which are managed by functioning condominium associations, this Act is necessary because those normal code enforcement procedures are not effective in dealing with distressed condominiums, because there often is no functioning condominium board which can take responsibility for the necessary code repairs. In that situation the repairs may take years to complete, and the delay can result in a property with such serious problems that the property cannot be restored and instead must be demolished."; and

on page 1, line 13, by replacing "one" with "2"; and

on page 1, by replacing lines 15 through 17 with the following:

"(A) 50% or more of the condominium units are not occupied by persons with a legal right to reside in the units;

(B) the building has serious violations of any applicable local building code or zoning ordinance;"; and

on page 1, line 18, by replacing "(B)" with "(C)"; and

on page 1, line 21, by replacing "(C)" with "(D)"; and

on page 1, line 23, by replacing "(D)" with "(E)"; and

on page 2, line 1, by replacing "condominium" with "to 40% or more of the condominium"; and

on page 2, line 2, after "termination;" by inserting "or"; and

on page 2, by replacing lines 3 through 6 with the following:

"(F) there is a delinquency on the property taxes for at least 60% of the condominium units."; and

on page 3, line 6, by inserting after "court" the following:

", after a hearing held upon giving notice to all interested parties as provided in subsection (b),"; and

on page 3, line 19, after "under", by inserting "paragraph (2) of"; and

on page 4, line 5, by replacing "sale" with "the sale"; and

on page 4, by replacing lines 6 through 8 with the following: "time, expenses, and fees as approved by the court, shall be deposited into an"; and

on page 7, line 9, by replacing "subsection (e)" with "subsection (d)".