Residents who have been priced out of West Town due to rising condo costs lined up for affordable housing.
The 26th Ward offered 11 single family homes and 21 condominiums at rates far below the market rate for the West Town neighborhood.
Residents who qualify for the affordable housing will be offered a fixed mortgage rate of just over 6 percent, with prices ranging from the low $100s to $200,000.
Bickerdike Redevelopment Corp, a Chicago-based developer, will build the low cost housing. Plans call for completion by the end of next year.
The West Town real estate market has seen steady increases in real estate prices for the last few years.
According to the most recent Chicago Association of Realtors report, condos sold for an average $392,000. The average sales price in the neighborhood has more than doubled in the last ten years.
The redevelopment of many older buildings and the arrival of new condominium projects are bringing wealthy residents to the area.
West Town continues to enjoy a brisk pace of sales in the area. A total of 547 condominiums were sold in the neighborhood during the second quarter of this year, 100 more than the same period last year, making the area one of the strongest for Chicago Condominiums.
The neighborhood is predominately Latino, with many new immigrants arriving every year.
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