Title: Have you heard of Chicago TaxSmart program?
In an economic climate like we face today, it is good to know what tools are available to reduce the cost of living. Chicago offers a special program called TaxSmart that many owners do not know. This program is a “mortgage credit certificate (MCC), which provides qualified buyers with a federal tax credit. This is a tax credit directly reduces the amount of taxes that property owners must be qualified. This program will earn a home buyer an MCC to reduce their tax of 20% of interest paid on a mortgage. The good thing is that this credit can be claimed each year while staying in the house which is funded by TaxSmart.
These are the guidelines established by federal law that the buyer “qualified home” must satisfy: Home
first; The definition is the same as the tax credit to home buyers 8k first. While you have not owned a principal residence during the last three years you are considered a “buyer of first
Objective Space purchase, even if you’re not a buyer for the first time you may be eligible for this program if you buy a house in one of the areas of destination. (Link to this map below)
Income Like most programs like the one that aims to help low-income families and there are moderate income limits for a family can earn and still qualify. There is a table which is also found on the following link
Purchase Price /> There is also a limit on the price of home purchases financed under TaxSmart < br />
summorize principal residence must be occupied within 60 days of purchase and use it as a principal residence.
One to four host families
This program allows you to purchase up to four-unit building provided one unit is your main residence . The building must have been first occupied for residential purposes for at least five years before applying for the program.
New Mortgage This program aims to promote new loans for buying new homes. You can not replace your existing mortgage on your existing home.
This program is limited space within the Chicago limits
*** VERY IMPORTANT ***
MCC nétait They are on a first come, first served “/>
There are some other requirements such as pre-purchase counseling. Check out this link
: http://www. cityofchicago. portal org / city / web / portalContentItemAction. do? ContentID = 536900353 & = & = contenTypeName COC_EDITORIAL topChannelName ministry and Ch = 0 & = entity_name Housing and deptMainCategoryOID =- 536887413 = blockname & Housing / Fire, Police + + + Grant Master / I + “
Want to see a map of target areas and program details .
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