City Enacts Law Protecting Renters In Foreclosed Properties

CHICAGO (CBS) -- A Chicago ordinance--designed to help renters in foreclosed apartment buildings--is now in force.

Ald. Ray Suarez, who heads the City Council's Housing Committee, said that when banks foreclose on apartment buildings, they must now let the tenants stay until their leases are up or pay each household a $10,600 relocation fee.

He hopes the tenants stay.

"Let's keep that building occupied," he said. "It becomes stronger in the community, it's safer and I believe it will also stabilize the community and families who have children."

Vacant buildings, he said, are a disaster.