Chicago renter protection in foreclosures takes effect

September 24, 2013 3:13:58 PM PDT
Renter protections take effect Tuesday in Chicago that are expected to impact 10,000 renting families in the city during the first year.

The "Keep Chicago Renting" ordinance protects tenants in foreclosed buildings. Now, owners of foreclosed homes will have to either help relocate their tenants or continue renting out the property until it's sold to a third party.

"Let's keep that building occupied. It becomes stronger in a community. It will be safer. And I believe it will also stabilize the community and families who have children who have to be taken out of schools they've been going to for quite a few years and have to move," said Alderman Ray Suarez, 31st Ward.

Chicago is now the second largest city in the country to protect renters in foreclosed buildings.