SUB ST IJ_ U J_ยง ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Chapter 5-14 of the Municipal Code of Chicago is hereby repealed in its entirety.
SECTION 2. Title 5 of the Municipal Code of Chicago is hereby amended by adding a new Chapter 5-14, as follows:
5-14-010 Title, purpose, and scope.
This chapter shall be known and may be cited as the "Keep Chicago Renting Ordinance" and shall be liberally construed and applied to promote its purposes and policies.
In order to protect and promote the health, safety, and welfare of its residents and mitigate the damaging effects on our communities of foreclosures, which individually are catastrophic for the families and tenants who lose their homes, and collectively can economically destabilize an otherwise healthy neighborhood, by causing building abandonment, excessive vacancy, declines in property values, and a perception of a neighborhood as being unworthy of investment, it is the purpose of this chapter and the policy of the City to preserve, protect, maintain, and improve rental property and prevent occupied buildings from becoming vacant after foreclosures.
Nothing in this chapter shall affect the obligation to provide notice of termination of a tenancy as required by any applicable law governing actions for possession.
5-14-020 Definitions.
For purposes of this chapter, the following definitions apply:
"Bona fide third-party purchaser" means any person who, through an arms length transaction, purchases, or is otherwise transferred title to, a foreclosed rental property from an owner. A "bona fide purchaser" shall not include any person who had a mortgage lien on the foreclosed rental property during the foreclose procedure. A mortgagee shall also include the mortgagee's subsidiary, parent, trustee, nominee, agent, or assignee.
"Commissioner" means the Commissioner of Housing, or the Commissioner's designee.
"Cooperative building" means a building or buildings and the tract, lo...
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