![]() Is there home purchase assistance available?The City of Chicago and HCBA have teamed up to bring TaxSmart mortgages, which provide a federal income tax credit each year of the mortgage.
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![]() Bungalow TaxSmartNOTE: The TaxSmart program is currently on hiatus and will resume in July 2010. Please check back for updated program information and details.TaxSmart is a mortgage program that provides a federal income tax credit to qualified homebuyers. A tax credit is a direct reduction of taxes due. Under the program, a homebuyer would receive a credit to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit may be claimed each year the homebuyer continues to live in a home financed under this program. Eligible borrowers must have the certified Historic Chicago Bungalow as a primary residence and be first time homebuyers. Benefits of Bungalow TaxSmart:
Important InformationThe TaxSmart application must be secured before purchase is complete.For more information and complete income limits and requirements, click here. |

