Housing Solidarity Pledge Aims To Help Renters, Landlords

CHICAGO — With rent and mortgage payments due Friday, Mayor Lori Lightfoot called on renters, landlords and lenders to extend each other some grace as the new coronavirus crisis tightens belts across the city.

On Wednesday, Lightfoot announced a collection of mortgage lenders and landlord associations have signed a symbolic housing solidarity pledge.

"The Chicago Housing Solidarity Pledge represents our city’s shared commitment to our
residents and building owners alike whose homes and livelihoods have come under
threat as a result of this crisis, and I am extremely proud that renters, landlords,
homeowners, and lenders have all come to the table to work in partnership for our
city and develop strong solutions to our shared challenges," Lightfoot said.

The pledge calls for lenders to voluntarily to offer mortgage grace periods, suspend foreclosures, late fees for missed payments and reporting payment missed payments to credit agencies. The solidarity effort also asks landlords to suspend late fees and allow renters to repay missed payments over time.

Organizations that have signed on to the housing solidarity pledge include: Bank of America, BMO Harris Bank, Byline Bank, CIBC, Fifth Third Bank, First Eagle Bank, First Midwest Bank, Northern Trust Bank, PNC, US Bank, Wintrust Bank, Second Federal Credit Union, Seaway Credit Union, Lawyers Committee for Better Housing, Chicagoland Apartment Association, Neighborhood Building Owners Alliance and the Chicago Association of Realtors.