Confirm your budget

When buying a property in Chicago ensure that you know how much you can realistically afford in advance.. This is one of not only the the first thing you should consider but it is also the important. From the outset, If you set a budget you can have a more realistic idea of what you can buy. This is also a very useful starting point for your property search.

In order to determine your budget and expenses when buying property in chicago the general rule is:

That you shouldn’t account for more than 28% of your gross monthly income before taxes,

Your total debt—including credit card and other loan payments—shouldn’t account for more than 36% of your income.

Take into account your down payment, housing price and additional homeownership expenses to determine how much you can actually afford.

How much cash is needed when buying property in Chicago?

In the summer of 2021, the average home in Chicago cost $340,000. Showing an increase from $375,000 in the spring of 2020. In contrast, the average rent in Chicago is $2,012. This average if reflective of certain districts that have rents as low as $1,000 and the more expensive ones with rent as high as $2,700.

Of course, that isn’t the complete picture. Home prices in Chicago’s 200 communities differ greatly from one neighborhood to the next, much like rent does.

Hidden costs to consider when buying a property in Chicago

Budgeting solely the PITI payment, which stands for principal, interest, real estate taxes, and insurance, is a typical error. Particularly in Chicago, homeownership comes with a lot of unspoken expenses.

When buying a property in Chicago, don’t just base your decision on the mortgage rate or asking price. Every year, hidden costs for Chicago homeowners amount to $10,400 on average. The following average expenditures for purchasing real estate in Chicago and house maintenance should be included in your budget.

Some of the major costs to consider per year after paying out the initial 2% to 5% of the purchase price.

General building maintenance $300 annually

Property insurance: $1,728 per year

Escrow account: 3 to 6 months’ worth of projected insurance and property tax bills (if less than 20% is paid down).

Property taxes: It is important to factor in that Chicago’s property taxes are double the US national average and among the highest in the country. Costs start from $3,820 per annum.

Repairs and upkeep for your home: 1% of its worth annually

Utilities: depending on size and type of property expect anything from $150 to $450 per month

The Mortgage Down Payment required when buying a property in Chicago

Your monthly mortgage payment and long-term borrowing costs are strongly influenced by how much down payment you can afford. In order to avoid paying mortgage insurance fees or Private Mortgage Insurance (PMI), you should ideally put down at least 20% when purchasing a home . If you make a smaller down payment, you will typically be responsible for this additional insurance charge each month in addition to potentially paying a higher interest rate.

Get your mortgage pre-approved

Once you have set your budget as to how much you are willing toi spend on buying a property in Chicago; you can pre-approved for your mortgage. This is crucial to complete before Chicago property seeking because it demonstrates to sellers that you are competent and serious. It also informs you of the maximum amount you ought to be able to borrow.
It is possible to obtain preapproval from the lender of your choosing. The lender you use for your last loan does not have to be the same. Make sure you are aware of the type of mortgage you want and whether you are eligible for grants for first-time homebuyers before beginning the preapproval process.

Requirements for getting a loan preapproval and buying a property in Chicago:

Basic Mortgage Requirements

You must present proof of sufficient assets, income, employment, and credit in order to be pre-approved.

Capacity to repay with a total debt-to-income ratio

This should be less than 36% or as much as 43% with a housing cost that doesn’t consume more than 28% of your gross income.

Income documentation

This can include anything that can prove that you have an income that can support the mortgage repayments; such as payslips and bank statements.

Proof of Assets

Evidence of assets sufficient to cover the down payment, closing charges, and reserves. The requirements will be dependent on the lending scheme and the down payment amount.

Sufficient FICO Score Rating

Mortgage Lenders utilize the FICO® Score to aid in making precise, dependable, and quick judgments regarding credit risk throughout the client lifecycle. Most lenders require you to have a score of 620 or more on the FICO scale. For an FHA loan, a credit score as low as 580 can be acceptable. Only those with great credit are eligible for the lowest rates.

Mortgage programs available for buying property in Chicago

Your credit rating aside with your ability to make a down payment, and how long you want to live in the house will all affect which loan program is ideal for you.

Adjustable Rate Mortgages

ARMs, or adjustable rate mortgages, start off with lower monthly payments and interest rates but are susceptible to change.

Conventional Loans

In comparison to government-backed loans, conventional loans provide better interest rates and more flexibility, although they do require a down payment of 3–5% (PMI requires less than 20% down).

FHA Loans

Chicago first-time buyers prefer FHA loans since they only need a 3.5% down payment (as opposed to the pricey upfront and ongoing mortgage insurance payments required with less than 20% down).

Fixed Rate Mortgages

Fixed-rate mortgages are the most popular and common option with a mortgage rate and payment that does not change.

Jumbo Mortgage

Jumbo loans, commonly referred to as jumbo mortgages, are a type of financing that exceeds the Federal Housing Finance Agency’s guidelines (FHFA).

USDA Loans

USDA Rural Development Loans help investors to buy or rent affordable housing; while supporting rural prosperity in Illinois.

VA Loans

With no down payment necessary, no mortgage insurance, and low funding costs, VA loans are available to qualified veterans, active-duty service members, and their families.

Incentives for first-time buyers when buying property in Chicago

If it has been three years or more since you last owned a property or you are purchasing your first property in Chicago; Homeownership may be within your grasp thanks to the several grants available.

Building Neighborhoods and Affordable Homes Program

If you are buying property in Chicago you you can obtain up to $60,000 in purchase assistance from the City’s Lots for Working Families program, In order to be eligible you must purchase a single-family house in one of five chosen communities.

Homebuyer Grant Program

Wintrust Community Bank’s program for first-time homebuyers. You may be eligible for down payment assistance of up to $2,000. You need to put down at least $1,000 and purchase a house outside of Chicago’s city borders in Cook County.

Illinois Housing Development Authority

The IHDA offers a number of subsidies, second mortgages, and loans for first-time homebuyers in Chicago. In addition to unique programs for homebuyers with student loan debt, these programs include forgiven down payment assistance loans, deed restrictions, and promissory notes for up to $40,000 in help.

Tax Smart

With savings of up to $2,000 annually, this Mortgage Credit Certificate offers a federal tax of 25% (buy loans) or 50% (rehab loans).

The Neighborhood Lending Home Purchase Program

For those finding it tough to get on the property ladder, this program offers mortgage loans for the purchase and or purchase and rehabilitation of a propert/ies. As part of the service, investors are supported via counselling and workshops in financial planning, budgeting, and credit repair. The eligibility of applicants is decided by the program based on the investors gross annual salary.

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Gangster Reels

The background for the game is a dimly lighted street characteristic of the 1930s. Automobiles are parked on the side of the road and three officers are searching for gangsters. The ambiance of the smoke-filled backroom clubs is depicted via the ambience of a modern jazz score. It is complemented with characters from the time period, excellent graphics, and engaging animations. The value of the fixed jackpots—Mini, Major, and Grand—is displayed on the three displays at the top of the window.

Chicago Gangsters slot includes nine pay symbols, none of which are stacked unless the Mystery Symbol feature reveals them. These are often the Js to As suits at the low pay level. When five appear on a payline, the wager is multiplied by 3.5. A whiskey glass with a cigar, a 1930s limousine, a bartender, a policeman with a Tommy gun, and the wild sign are the premium symbols and are listed in order of increasing value. The latter can be used to replace all symbols other than bonus ones. 5x to 10x the bet is paid for five of a kind. In the base game, a red casino chip stands in for the bonus symbols. During the bonus game, they will also show up in variants that are green and blue to give one of the smaller jackpots. Want give it a shot? Check out casinosjungle, this site review the best online slots in the US.

Chicago Gangster statistics and data

There are 20 fixed paylines, three rows, and five reels in the Chicago Gangsters slot. It has mystery symbols, wild replacements, and a bonus game with three set jackpots that can be won. This medium-variance game has an RTP that is set at a marginally below-average 95.35%. The range of bet sizes, from 0.20 to 100 coins, caters to both low and big rollers. With the design being in HTML5 format, you may play the slot on any device with any OS. You can choose from 10 to 999 consecutive spins when using auto play.

The Mystery Symbol

Mystery symbols can show up on the reels and cover any number of reel spots with a playing card during any base game spin. The mystery symbols will flip to disclose one regular pay sign after all reels have stopped spinning. However wild symbols are not revealed. Wins in the main game range from 70 to 200 times the initial bet when one paying symbol fills the entire screen.

Jackpot Bonus

For the bonus game to start, you must land at least six bonus symbols in a single spin. When only bonus symbols are present on the reels, three respins are given. Any additional bonus symbols will stay on the reels and reset the number of respins to three. Until there are no more respins available or all reel positions have been filled with bonus symbols, the game keeps going. The coin wins for each bonus symbol range from 1x to 48x the total bet.

During the feature, a single Mini or Major symbol will award the corresponding jackpot, earning 30x and 150x the bet, respectively. When the whole game grid is covered in bonus symbols in one round, the 1,000x stake Grand Jackpot is paid out. A single bonus game offers the chance to win all three jackpots. The payout might reach a maximum of 1,353 times the amount wager when combined with coin wins.

Conclusion

The slot machine tends to have low volatility, which results in less substantial winnings occurring more frequently. In the bonus game, you can frequently receive payouts between 30 and 60 times the original bet, with a few medium-value payouts coming from the mystery symbol feature. It will be difficult to hit a greater payoff here, but anyone should be happy if they win the Grand Jackpot, which is worth 1,000 times their initial wager.

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Whether you’re looking for a day of family fun with your kids or a day out with pals, Lincoln Park has plenty of activities all year. Also, the neighborhood is simple to access. Its location is conveniently located just north of downtown. This is a guide to experiencing this beloved Chicago neighborhood in only 24 hours.

Accommodation near Lincoln Park 

Consider staying the night at one of the distinctive hotels in the area. That way you can wake up and begin discovering everything that Lincoln Park has to offer right away. Hotel Versey is a small hotel that pays respect to Chicago monuments and history through local art and quirky decor. This centrally located hotel on the boundary of Lakeview and Lincoln Park provides visitors with unique access to two dynamic neighborhoods.

Nearby are the cool and hip The Hotel Lincoln. This has one of the best rooftop bars in the area as well as panoramic views of Lake Michigan and the city’s famous cityscape. Hire a bike from the hotel and explore Lincoln Park’s verdant surroundings.

Grab some brunch to start your day.

The neighborhood’s abundance of restaurants and coffee shops contributes to Lincoln Park’s allure. For a location where summer lasts all year, check out Summer House Santa Monica. Its weekend brunch menu’s Cali-Mex selections, hearth-fired dishes, and airy ambiance make it a fantastic way to start the day. In a hurry ? Then simply v isit the bakery counter and purchase a coffee and a pastry.

Additional options in the area include the weekend brunch at the Willow Room. This offers a snug option with satisfying menu items. Likewise, the neighborhood institution Batter & Berries is well-known for its French toast flight. The restaurant is also BYOB, and its changing chef’s specials are designed to highlight seasonal flavors and ingredients.

Visit the Lincoln Park Zoo

The Lincoln Park Zoo, which opened its doors in 1868, is one of the nation’s oldest zoos. The free zoo features animals from all around the world and entertaining seasonal activities like Craft Brews at the Zoo and ZooLights. There are also cutting-edge exhibits like the newly renovated Lion House.

Without spending some time at the neighborhood’s eponymous park, a trip to Lincoln Park would be incomplete. The vast lakeside park features:

Well maintained gardens and a lot of open natural space
Lincoln Park Conservatory
Alfred Caldwell Lily Pool
The North Pond Nature Sanctuary
A beautiful piece of the Lakefront Trail

Experience local culture

Families can also visit the Peggy Notebaert Nature Museum inside Lincoln Park. See the Judy Istock Butterfly Haven, the museum’s well-known greenhouse with  over 40 species of 1,000 free-flying butterflies.

Check out fascinating exhibits about pivotal times in local history at the Chicago History Museum. See photographs from Dr. Martin Luther King Jr.’s time in Chicago. Ride in the city’s first “L” car and look at the remnants of the Great Chicago Fire, and more.

Steppenwolf Theatre in Lincoln Park has received widespread praise for its innovative and compelling live shows. The Steppenwolf Theater features a recently refurbished site and a regularly changing lineup of productions. They can range from upbeat and personal to subversive and contentious.

Plan your visit to Wrightwood 659, created by Pritzker Prize–winning architect Tadao Ando, for a dose of both art and architecture. His distinctive concrete forms and poetic use of natural light have revitalized the 1920s structure, which now houses challenging art exhibitions.

Go shopping on Armitage Avenue

There are few things more fun than doing a little window shopping on this beautiful street. Get ideal personalized gift for friends or family at All She Wrote, treat yourself to a brand-new handcrafted leather bag from Laudi Vidni, or go on a treasure hunt at the women’s store Art Effect.

Need a boost? La Colombe Coffee Roasters serves up great coffee and Jeni’s Splendid Ice Creams is known for its inventive flavors.

Best restaurants

The choice of where to eat dinner in Lincoln Park may be the most difficult one you have to make all day. The abundance of local restaurants will quench any dinnertime appetites, regardless of your preferred cuisine or setting.

The place to go for a fun-filled night of fondue is Geja’s Café. This charming eatery is renowned for its rich Swiss gruyere cheese fondue.

The Michelin-starred restaurant Galit serves a multi-course meal of exquisite Middle Eastern food.

Paella, Spanish tapas, and pitchers of sangria are among the popular offerings at Café Ba-Ba-Reeba; the ideal location for a taste of Spain in the middle of Chicago.

Authentic Indian and Pakistani food may be found at Tandoor Char House, which is owned and operated by two brothers who are revitalizing old family recipes.

The Michelin-starred Esmé restaurant shares a location with Bar Esmé. Sit down at the bar and marvel at the contemporary food and expertly made cocktails.

Homeslice offers fantastic pizza, a fun environment, a large drink menu, and a picturesque patio.

Chez Moi offers French classics in a classic setting with a friendly atmosphere.

Finish the night in style

Wrap up your stay in Lincoln Park at theiO Theater for a night of improv comedy. Every night will be distinctive from the one before it thanks to the the rotating lineup of themed improv shows.

Kingston Mines is a no-frills blues nightclub in Lincoln Park that hosts live music and is open till four in the morning. Listen to blues bands all night long on two stages. There is also a comprehensive menu for food and beverages.

Check out the schedule for Park West, the main concert venue in Lincoln Park, before you go. Comedians, musicians, and others perform in the facility, which is entirely indoors.

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In Chicago, the average home costs a little over 345,000. The Chicago housing market is moderately competitive, according real estate agency Redfin. Despite some properties selling for around 2% above the listed price; the average home sells for about 1% below list price and goes under contract in about 56 days.

Chicago homes sold for an average price of $345K in March 2022; an increase of 0.7% from the same month of the previous year.

As opposed to previous year, properties in Chicago now sell on average after 59 days on the market. In March of this year, 3,222 properties were sold, up from 3,216 in March of last year.

Real estate costs to know if you are wanting to make an investment in Chicago

Real estate in Chicago is currently valued at roughly 260 dollars per square foot; up by 9% from the previous year. A modest property in Los Angeles costs half a million dollars; the average home in New York costs close to a million dollars. Due of this, Chicago investment properties are relatively inexpensive.

A one-bedroom apartment typically costs $1,000 per month to rent.
An average two-bedroom apartment in Chicago costs $1,300 per month.
Chicago rents are up 1.65% from the previous month and 11.16% from the previous year.
A one-bedroom apartment in Chicago costs on average $2,155 per month, while a two-bedroom apartment costs on average $2,771.

The median home price in the Chicago Main Metropolitan Statistical Area is $310,000. As of March 2022, an increase of 5.1% from March of the previous year.

On average, the Chicago PMSA has not yet returned to its pre-Covid levels.
The median sale price for March 2020 in the Chicago PMSA was $260,000 in 2020, $290,000 in 2022; the corresponding price recovery rate for March 2022 is 107% after adjustment, or 119% before adjustment.

Recent analysis issued by Illinois Realtors, the median price projection provided by UIC SHDRE forecasts a positive yearly increase; for April, May, and June in both Illinois and the Chicago PMSA. In is anticipated that The average price in Chicago is would rise by 10.3% in April, 8.8% in May; and 8.8% in June.

Realtor.com anticipates positive annual appreciation as well, albeit more slowly than in the previous year.
They predict that the median price in Chicago, Naperville, Elgin, Ill., Ind., and Wisconsin will only increase by 1.9% from the previous year (by the end of 2022).

Are Chicago Investment Properties a Good Investment?

UBS bank confirms that Chicago is one of the richest cities in the world; frequently ranked as the American economy with the best economic balance. For individuals interested in purchasing real estate investment properties in Chicago, there are various areas of the city that offer excellent opportunities for investors.
It doesn’t matter if you want to target young families looking for beginning houses, expanding families, or the entire rental market—this is true.
Chicago is a prime location for real estate investment due to its robust economic and job growth.
With the third-largest gross metropolitan product in the United States, it is home to 12 Fortune Global 500 and 17 Financial Times 500 enterprises.

With over 50% of the population renting, Chicago has a strong rental market; due to a high level of private sector employment.

In Chicago, the Tourism and Hospitality sectors have created thousands of new employment positions. There has been an increase by billions of dollars from visitor spending.

When the housing bubble burst at the beginning of the Great Recession, the real estate market in Chicago experienced one of the slowest rates of recovery. Real estate prices in Chicago in 2017 were 19% below pre-crash levels; the peak value of real estate is anticipated to be reached until 2021. Chicago, is a densely inhabited city and has a considerable number of modest multifamily homes. In addition, it is one of the lowest cost of living metro areas in the country. At all price points, the pool of possible tenants is quite deep.

Only in this metropolis do ordinary renters spend less than 20% of their yearly salary on housing. They won’t be buying new homes anytime soon, according to a number of criteria. For professional and financial flexibility, to avoid repair costs, property taxes, and market risk, as well as to save money for a down payment, many people choose to rent in Chicago.

It is a top choice for investors looking to purchase Chicago investment homes where the ROI will be excellent and probably get better over time. There are around 77 neighborhoods in Chicago where you can purchase investment properties.

The other neighborhoods’ intrinsic values could not even be close to realizing their full potential. Rents are very high, taxes are moderate (with the exception of communities in Downtown Chicago), and there is a great demand for rental properties in Chicago.

For many Chicago homebuyers, mortgage interest and property taxes are still tax deductible. Therefore, rent is typically not tax deductible. Homeowners can frequently profit from the sale of their properties and collect gains tax-free up to a specific amount, in addition to annual tax savings. In Chicago, the cost-to-rent ratio is likewise affordable.

Additionally, real estate investors have enormous buying power and may just require a 3% to 5% down payment.
There aren’t any better deals like that in other major cities like New York City and San Francisco.
We made the decision to disregard the immediate effects of the ongoing pandemic on the Chicago housing market.
The need for housing exists.

Despite pre-pandemic data being reinstated by year’s end, it is best to analyze the Chicago real estate investment using them. Investors can make good money by putting up a portfolio of Chicago investment properties and renting them to the city’s vast renter population.

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There are many different restaurants in Chicago, offering everything from fine dining to fast food. Here are some of the best areas to find them.

West Loop

If you enjoy dining out at luxury establishments, the West Loop is the area to be in. Due in large part to the numerous bars and restaurants that line Randolph Street and the area around the historic Fulton Market, this up-and-coming neighborhood is home to a wealth of culinary delights. Formerly a significant packing and industrial area, these West Loop locations are now home to some of Chicago’s most talked-about eateries. A trio of establishments run by Iron Chef Stephanie Izard that are widely regarded as neighborhood gems.

Lincoln Park

Lincoln Park is perhaps the Chicago neighborhood that most fully captures both the city’s historical and modern allure. It is not only a beautiful location but for someone who is a true foodie, there is much to offer. One such restaurant Alinea is often described as one of the most progressive fine dining establishments in the world. It treats food like an art exhibit and was named the greatest restaurant in the world by Elite Traveler magazine.

Near North

The Near North Side is home to some of Chicago’s most stunning attractions, including the Chicago River and a number of magnificent buildings. It would be impossible to name all of the fantastic restaurants in this popular tourist destination. Restaurants like RPM Italian and RPM Steak are perfect for people who enjoy fine dining. Mexican food is served both traditionally and creatively in Rick Bayless’ many restaurants, including Frontera Grill and Topolobampo. Looking for a romantic restaurant for two? The food at Bavette’s and Gilt Bar, two of the best restaurants in Chicago, are highly regarded.

Logan Square

A great place to explore Chicago’s past, present, and future is Logan Square. When it comes to the selection of food and cuisines, Logan Square is like a miniature version of Chicago. Try the New American cuisine at Longman and Eagle or the magnificent dishes at 90 Miles Cuban Café. And definitely don’t miss out on the delectable desserts at Bang Bang Pie and Biscuits.

West Town

West Town includes a number of neighborhoods such as Wicker Park, Ukrainian Village, and Bucktown. These are the places in fashion right now. West Town, which is teeming with art galleries, boutiques, and, restaurants, is the destination where people go to discover the next big thing before it becomes popular. One can choose from restaurants such as Split-Rail, Homestead on the Roof, WHISK and Big Star, which is renowned for its tacos and outdoor seating area. The city also has a ton of fantastic bars, including the renowned speakeasy Violet Hour. For those gourmets who prefer coffee, there are plenty of wonderful places like Wormhole and Dark Matter.

Pilsen

Although Pilsen, a Latino neighborhood in Chicago, is best known for its great tacos, there is other great food to enjoy there as well. The Pilsen restaurant scene is a vibrant fusion of modern and traditional cuisine that is influenced by many different nationalities and generations. Envision a lively area where mom-and-pop taquerias and fashionable fusion restaurants coexist alongside historic buildings housing modern, multi-concept cafes. Some restaurants in Pilsen that are representative of the neighborhood include HaiSous, a hip Vietnamese restaurant with a fantastic tasting menu; Taqueria El Milagro, a tortilla factory serving some of the best tacos in the city and Dusek’s Board and Beer, an old-fashioned pub located in the historic Thalia Hall.

Bronzeville

An interesting neighborhood with a strong African American background is Bronzeville. It also has a vibrant restaurant scene that attracts foodies from all across the city. A remarkable fusion of the old and the new is emerging, with both venerable institutions and hip new additions. When in the Bronzeville neighborhood of Chicago, stop by the Bronzeville Winery, Norman’s Cafe (famous for its Sunday jazz and Cajun-Creole cuisine), and Yassa African Restaurant.

River North

Just north of the river and near to the Loop, River North is a well-known location for fine eating. Once an industrial area, the neighborhood has been turned into an established hotspot for eating and drinking. Its bustling streets are lined with chic steakhouses, award-winning cocktail bars, chic restaurants, and many other establishments where visitors may satisfy their need for fine dining. It’s the perfect setting for a special night out on the town, a celebratory meal, or a great cocktail.

Chinatown

There are now more options than just Chinese food, including Korean, Thai, and ramen. Family-owned restaurants, charming shops and historic buildings characterize this region, which serve dishes that guests will long for when they return home.

Avondale

Following the closing of Hot Doug’s, Avondale’s dining scene might have vanished from sight if not for the inclusion of the Asian fusion sensation Parachute and the meteoric ascent of Honey Butter Fried Chicken. But this previously peaceful section of Elston has suddenly turned into a restaurant hotspot. Logan Square is home to eateries like Kuma’s and Yusho as well as excellent pastries at Cellar Door Provisions. 

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Affordable Housing

Related Midwest have hinted they may use the incentive package to start construction at former Chicago Spire. The site at 400 North Lake Shore Drive.

As it completes Chicago’s first residential tower development with on-site units. President, Curt Bailey confirmed that the majority of their Chicago projects will feature a 20 percent affordable housing component.

The new regulation instructs developers that they must maintain 20 percent of residential units at affordable prices. for at least 30 years in new construction in high-income zones like Fulton Market.

The rule specifies that affordable housing must be constructed on-site, closing a current loophole. Taking away the permission for developers to build cheap housing elsewhere. Developers were using this loophole to buid this affordable housing outside the proximity of the districts designated for market-rate housing.

This incentive package signed into state law in 2021 has lessened the effects on developers of revising the city’s affordable housing legislation.

This law has increased the proportion of affordable housing units that must be built in all new projects. Increasing the number now typically to 20 percent of all units as opposed to the current 10 percent.

Expected development projects

The first significant project to be built under the new incentive program is being completed by Related Midwest. 60 affordable units will be available in The Row Fulton Market, a 300-unit rental tower at 164 North Peoria Street. Related Midwest had taken over the Chicago Spire site in 2014.

In the midst of the 2000s, developers had planned for the site to provide a 150-story, 2,000-foot tall skyscraper; the developers eventually abandoned the Project. In 2020, Related Midwest unveiled a two-tower plan for the site, promising structures rising to 875 and 765 feet tall; construction has not commenced

According to Shapack Partners, they are building a 28-story residential tower at 1353 West Fulton Street. Five new apartment complexes supported by the program have started construction since Governor J.B. Pritzker signed the legislation. Subsequently, the developer firm are expected to add a total of 1,612 apartments to the city. The real estate development project based at 225 North Elizabeth Street, Sterling Bay is also developing a $155 million, 350-unit tower.

Developer, Jeff Shapack, he believes that the Affordable Illinois incentive package will become a major driver in the production of a significant number of affordable homes.

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