Crain’s Chicago Business: Banks Pledge COVID Housing Relief Chicago

Crain’s Chicago Business: April 29, 2020, Banks Pledge COVID Housing Relief Chicago

Some lenders and landlords signed a nonbinding declaration. Critics say such moves aren’t enough.

The non-binding pledge affirms that lenders and landlords may offer eligible renters and mortgage holders certain financial relief during and after COVID-19 on a case-by-case basis. Participating landlords are pledging grace periods for rent payments, written repayment plans and no late fees for missed payments.

Unlike similar pushes in Connecticut, New Jersey and California, Lightfoot said the city “made certain our pledge also applied to multifamily apartment buildings.”

Department of Housing Commissioner Marisa Novara encouraged landlords “to work out flexible payment plans with tenants” and asked lenders to grant landlords flexibility.

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