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Latest blog post Tuesday, September 21, 2021

Where the new state-enacted property tax incentive applies
by Steven Vance

The Illinois government adopted a new incentive this summer intended to generate and maintain affordable housing across the state by offering significant reductions in a property’s assessed value. The legislation was co-developed and pushed by Preservation Compact, an coalition-like initiative housed at the Community Investment Corporation, a non-profit lender.

CIC will be presenting a webinar about this on 9/23/21 — see details below.

The incentive of HB 2621 is to attain a reduction in assessed value — something many property owners do every year when they “appeal their taxes” — as that can lead to significant reductions in property taxes.

Preservation Compact describes the legislation as having...

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A screenshot of Chicago Cityscape’s Incentives Checker showing that this location in Chicago’s River West neighborhood is eligible for the HB 2621 property tax incentive.

Recently added renderings view the full map

Updated and clearer renderings of a proposed residential and hotel development. The difference: The shorter tower, for the hotel, has grown one floor to 24 floors and increased from 314 rooms to 405 rooms.

The restoration of North Pond has five components according to the Lakefront Protection Ordinance application for the project: "dredging of the pond to deepen it and improve water quality, grade and restore the pond edge to reduce erosion and run-off, plant the edge with native plants to capture and filter runoff and provide additional native habitat, reduce the pond’s reliance on city water by lining the pond and installing underdrains to direct stormwater to the pond, and add additional park amenities for the pubic to further enjoy the pond."

A permitted 178,850 s.f. warehouse and industrial space.

A proposed high-rise apartment building in the South Loop. The previous developer & design team is not involved in this iteration.

Permits pulled

New construction permits pulled in Chicago in the last 2 months since Thursday, July 22nd, 2021

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