The National Law Forum

The Blog of the The National Law Review

Category Archives: Real Estate

New Chicago Affordable Housing Ordinance Means Greater Costs for Developers

The Chicago City Council recently passed an amendment to the existing Affordable Requirements Ordinance (the 2015 ARO), which will increase the cost to develop most affordable housing projects in Chicago.  With the passage of the 2015 ARO, developers must now provide on-site or off-site affordable housing in addition to the in lieu fees which makes …

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Troubles for Massachusetts Town’s Wind Turbine

In the long-running dispute between the Town of Falmouth and the neighbors to the Town’s wind turbine that powers the municipal wastewater treatment facility (WWTF), score one for the neighbors. The Massachusetts Appeals Court reversed the decision of Barnstable Superior Court Justice Robert C. Rufo in Drummey v. Town of Falmouth, 87 Mass. App. Ct. …

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Tax Issues in Divorce: Real Estate Itemization Credits

With the April 15th tax filing deadline quickly approaching, I am beginning to see an increase of the tax-related issues arise in my client’s cases.  The right of either of the parties to claim itemized deductions associated with the real estate taxes and mortgage interest paid on the marital residence is a frequent issue of …

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Bank of America’s Inconsistent Positions re: Faulty Residential Mortgage-backed Securities

Bank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies insuring faulty residential mortgage-backed securities issued by Countrywide. In its complaint filed at the end of 2014, Ambac claims that it insured securities …

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Zombie Properties May Haunt Lenders in Wisconsin Foreclosures

A recent Wisconsin Supreme Court case holds that a foreclosure court can require a foreclosing lender to sell an abandoned or “zombie” property at a sheriff’s sale within a court-determined reasonable time after the expiration of the 5-week redemption period applicable in such cases. In The Bank of New York v. Carson, the lender foreclosed …

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