The new law requires all investors who buy residential properties in a foreclosure sale to honor their adopted tenants’ existing leases or give the tenants at least 90 days to find a new home. The measure, which takes effect in late November, will replace an older law that offered weaker protection for tenants.
In an official statement, Gov. Quinn observed that the foreclosure crisis has been a burden on homeowners, but it has also caused uncertainly for “families living in rental homes who are at risk of losing their home due to no fault of their own.” The new law will “ensure renters are protected from sudden forced moves that can be costly and disruptive.”
In a legislative body riddled with constant bickering, the new foreclosure law proved to be remarkably popular, passing through the Senate and the House by an overall vote of 172-0. So thanks to a rare bout of bipartisanship in the state legislature, Chicago tenants will be able to sleep a bit easier at night.