Mayor Lori E. Lightfoot joined Department of Housing ( DoH ) Commissioner Marisa Novara and Chicago's leading housing lenders and landlord associations to announce the Chicago Housing Solidarity Pledgean effort to provide relief to beleaguered tenants and building owners negatively impacted by the coronavirus disease 2019 ( COVID-19 ) pandemic.
The pledge affirms lenders and landlords may offer eligible renters and mortgage holders deferred payment agreements and other financial relief in response to the economic fallout of COVID-19 and continuing after the pandemic.
The leaders of Chicago's mortgage lenders, landlords and tenant groups who joined Lightfoot for this announcement on April 29 included David Casper, of BMO Harris Bank;, Rudy Medina, of Second Federal Credit Union; Paul Lambert, of Bank of America; Mark Hoppe, of Fifth Third; Scott Swanson, of PNC Bank; Michael Mini, of the Chicagoland Apartment Association; Michael Glasser, of Neighborhood Building Owner's Alliance; and Lawyers' Committee for Better Housing Executive Director Mark Swartz.
Under the pledge, Chicago's landlords affirm they may provide one or more of the following for eligible renters who demonstrate a significant financial impact resulting from COVID-19:
Grace period for rent payments: Offer deferred payments with repayment terms that avoid repayment at the end of the deferral period.
Written repayment plan: Permit renters with a missed rent payment to amortize the payments over time.
No late fees for missed payments: Provide relief from rent-related late fees.
Under the terms of the pledge, housing lenders affirm they may provide the following for eligible mortgage holders who demonstrate a significant financial impact from the pandemic:
Grace period for mortgage payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.
Suspension of foreclosures: Provide relief from foreclosure filing until May 31.
Neutral reporting to credit agencies: No reporting late payments to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19 related relief, provided that loans that were delinquent prior to deferral will continue to be reported as delinquent.
No late fees for missed payments: Provide relief from mortgage-related fees.