The Keep Chicago Renting Ordinance takes effect today, reports The Tribune, offering a greater degree of protection for tenants impacted by end-stage foreclosure proceedings. When a building or single-family home is repossessed by a lender, that entity must either provide a rent-controlled lease to existing "legitimate" tenants until the property is sold to a third party, or offer $10,600 per unit in relocation assistance. Unpaid rent may be deducted from the relocation money. [Trib, previously]
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