Find Your Place in Chicago: Homebuyer Incentives

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Building on existing public-private partnerships, the City and its partners have assembled a variety of resources to maximize benefits for homebuyers and communities, offering thousands of dollars in savings. The Find Your Place in Chicago incentives are available to homeowners across a spectrum of incomes so that they can purchase a home that is right for them. Each incentive has its own guidelines. Below is a description of each incentive.

What is the Find Your Place in Chicago Special Incentive?
Thanks to the support of The Partnership for New Communities, $10,000 grants will be available to the first 100 buyers of homes in selected developments around the city. This grant may be applied to down payment and/or closing costs.

Who is eligible?
Grants will be awarded for the purchase of homes in participating mixed-income developments with a purchase price of $450,000 or less. There are no income restrictions and no requirement to be a first-time homebuyer.*

Grants are available only for home purchases with contracts that initiate after September 1, 2008.

*First-time Homebuyers will attend a Benefits Advisement Session with the Rogers ParkCommunity Development Corporation (Rogers ParkCDC) at a nearby location.

Where are the eligible developments?

• Oakwood Shores
• Jazz on the Boulevard
• Lake Park Crescent
• Park Boulevard
• Parkside of Old Town
• West End
• Westhaven Park

Where do I start?
Interested buyers should contact Rosemary Ortiz from Rogers Park CDC:

• Phone: 773-262-2290 Ext. 16
• Fax: 773-262-2537
• Email: Rosemary@rogersparkcdc.org

Chicago Partnership for Affordable Neighborhoods

Provides affordable condos in market-rate developments for eligible buyers. Also provides purchase-price assistance of up to $30,000 for eligible buyers, depending on buyer’s income. Income limits are determined by household size. Those seeking purchase-price assistance should contact the Chicago Department of Housing to see if they qualify. For more information, visit the Department of Housing’s website at www.cityofchicago.org/housing .

Developer Incentives

These incentives vary by properties and developers. Contact the property’s sales representative for more information.

Employer-Assisted Housing

Many Chicago employers offer homebuyer assistance, such as grants and forgivable loans, to employees. Contact your employer’s human resources department to find out if your employer offers such assistance and if you are eligible.

City of Chicago EAH for public safety officers and teachers: Chicago police officers, firefighters, paramedics and teachers who purchase homes in targeted areas of Chicago may be eligible to receive $3,000 in down payment and closing cost assistance or up to $7,500 of assistance if the property is in
a Plan for Transformation community.

For more information, visit the Department of Housing’s website at
www.cityofchicago.org/housing or the Teacher Housing Resource Center at http://teacherhousing.cps.k12.il.us .

Federal Home Purchase Tax Credit

Anyone who purchases a home between April 9, 2008 and June 30, 2009 is eligible for the Federal Home Purchase Tax Credit, a $7,500 credit that works like an interest-free loan. Note that because this credit cannot be used if the home is
financed using a state or local housing agency tax-exempt bond mortgage, the tax credit cannot be used in conjunction with the City of Chicago’s TaxSmart program. Homebuyers can claim the credit on their 2008 federal tax return.

Lender Incentives

The City of Chicago is working with partner lenders to offer special mortgage products to buyers of Find Your Place in Chicago homes. Participating lenders are offering eligible buyers incentives such as 30-year, fixed-rate mortgages with
3% down and grants to help cover closing costs and fees.

New Homes for Chicago

Provides affordable single-family homes and two-flats for eligible buyers. Also provides purchase-price assistance of up to $40,000 for eligible buyers, depending on the buyer’s income. Income limits are determined by household size.
Those seeking purchase-price assistance should contact the Chicago Department of Housing to see if they qualify. For more information, visit the Department of Housing’s website at www.cityofchicago.org/housing .

$10,000 Down Payment Assistance Grant

The Partnership for New Communities will provide a $10,000 grant to the first 100 buyers of eligible homes, which range from $150,000 to $450,000. There are no income restrictions. For more information, contact the property’s sales representative.

TaxSmart Mortgage Credit Certificate

A City of Chicago program with partner lenders, TaxSmart turns conventional mortgages into ones that provide you with a savings of up to $2,000 off your federal income tax payment each year for the life of the loan. Available for home
purchases of up to $450,000 and to families earning as much as $110,000. Contact a partner lender or the City of Chicago’s Department of Housing to apply. For more information, including a list of TaxSmart lenders, visit the Department of Housing’s website at www.cityofchicago.org/housing .

For City Employees Only

Employee Eligibility

Full-time employees of CCC must meet the following criteria to participate:

• Have satisfactory service with CCC.
• Be a first-time home buyer interested in purchasing a home within the City of Chicago, as a primary residence. First-time home buyer is defined as someone who has not owned a home within the City of Chicago for the past 36 months.
• Demonstrate a commitment to working with the EAH Program by meeting pertinent conditions stipulated by recommended lenders, including but not limited to credit counseling, home buying education, and filling out EAH Program reports as required.
• Have a household income not greater than 120% of the area median income.
• Able and willing to contribute at least $1000 or 1% of the purchase price whichever is greater, from their own savings.
• Attend a home buying workshop sponsored by the Rogers Park Community Development Corporation.

How to Apply

First contact your College HR Administrator or the District Office of Human Resources at 312-553-2886.