More than 200 developers, investors, lenders, brokers, and housing practitioners gathered at University of Chicago's Logan Center for the Arts on June 20 for
CIC's Neighborhood Forum
The program, titled "Get Out of the Loop: What's Happening in Chicago's Neighborhoods," featured a panel discussion about market conditions and trends, as well as remarks from Commissioner David Reifman of Chicago's Department of Planning and Development and Deputy Commissioner John Scott of the Department of Buildings.
Commissioner Reifman addressed the City's new density bonus and
Neighborhood Opportunity Fund
, while Scott provided an overview of process improvements that have already taken place at the Department of Buildings, and hinted at additional improvements in the works to address permitting times and rehab standards.
An expert panel moderated by University of Chicago's Will Towns discussed real estate trends in the neighborhoods. A presentation by Jim Kutill of Appraisal Research Counselors showed a positive outlook for Chicago's rental market, and broker Jack Cassin of Apartment Investment Advisers agreed that prices are stabilizing and cash purchases are becoming less common than in recent years. Panelists Van Vincent of VLV Development and Steve Joung of Pangea acknowledged the challenges faced by investors in Chicago's low and moderate income communities, but emphasized the many strategies that help ensure the success of their investments.
CIC looks forward to making the Forum an annual event to bring together Chicagoland's rental housing community.