SUBSTITUTE 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 amended by deleting the language struck through and by adding the language underscored, as follows:
5-14-020 Definitions.
For purposes of this chapter, the following definitions apply:
(Omitted text is unaffected by this ordinance)
"Qualified tenant" means a person who: (1) is a tenant in a foreclosed rental property on the day that a person becomes the owner of that property; and (2) has a bona fide rental agreement to occupy the rental unit as the tenant's principal residence. For purposes of this definition:
(1) a lease rental agreement shall be considered bona fide only if:
the mortgagor or the any child, spouse, or parent of the mortgagor residing in the same dwelling unit with the mortgagor, is not the tenant;
the lease rental agreement was a result of an arms- length transaction; and
the lease rental agreement requires the receipt of rent that is not substantially less than fair market rent for the property, or the rental unit's rent is reduced or subsidized due to a government subsidy.
(Omitted text is unaffected by this ordinance)
"Rental unit" means any dwelling unit which is held out for rent to tenants.
"Unlawful conversion " means any dwelling unit that is an illegal or unlawful conversion, as that term is defined in section 17-17-0240.5.
"Unlawful hazardous unit" means a dwelling unit that is hazardous based on life safety or sanitation conditions, as prescribe in rules promulgated by the commissioner.
5-14-040 Notice to tenants.
(a) (1) No later than 21 days after a person becomes the owner of a foreclosed rental property, the owner shall make a good faith effort to ascertain the identities and addresses of all tenants of the rental units in the foreclosed rental property and notify, in writing, all known tenants of such rental units that, under certain circumstances, the tenant may be eligible f...
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