There are several types of community and common interest associations governed by laws in Illinois, and it can be confusing to understand which laws apply to which associations. Below we’ll discuss the difference between the Illinois Condominium Property Act (ICPA) and the Common Interest Community Act.
Does the Common Interest Community Association Act Apply to Condominiums?
The short answer is no.
The longer answer per the Illinois Common Interest Community Association Act states:
“Common interest community” means real estate other than a condominium or cooperative with respect to which any person by virtue of his or her ownership of a partial interest or a unit therein is obligated to pay for the maintenance, improvement, insurance premiums or real estate taxes of common areas described in a declaration which is administered by an association. “Common interest community” may include, but not be limited to, an attached or detached townhome, villa, or single-family home. A “common interest community” does not include a master association.
Therefore, a common interest community is different from a condominium association yet is still real estate that is subject to a declaration of covenants. Common interest community associations that have more than 10 units or annual budgeted assessments of greater than $100,000 are required to abide by the Common Interest Community Association Act.
The ICPA Governs Condominium Associations
Conversely, the Illinois Condominium Property Act establishes the rules and regulations for condo associations in Chicago. Its purpose is to govern the creation and operation of condos in the state, including how condo associations are established, managed and controlled.
You can learn more about the ICPA here and contact us anytime at First Community Management to ask your questions.