Home Sweet Home

Home for the Holidays … It’s more than a song or a movie title, it’s part of the culture of our nation.  It also seems like a good time to remind you that the City’s Department of Housing is here to help you buy a home of your own in Chicago.

In fact, families across the city will be celebrating the holidays in homes purchased or rehabbed - and made more affordable - with help from the City of Chicago. Whether it’s a new single family home or a condo in a great new development, the Department of Housing offers many affordable housing options for buyers. There’s also purchase price assistance available to help further reduce the cost of buying your first home.

The City of Chicago partners with lenders throughout Chicago to provide mortgages to homeowners.  City Mortgage, which has been very popular this year, offers qualifying homebuyers competitive, fixed-rate loans and an up-front ‘cash gift’ equal to 4% of the total mortgage that can be used for down payment or closing costs.

For those who want a different sort of benefit, the City also offers TaxSmart, a mortgage that gives buyers a federal income tax credit that means lower federal income taxes every year for the life of the loan.

Chicago teachers, firefighters and police officers are also eligible for purchase price assistance of up to $7,500 to help them buy a home in the city.  And the City has been instrumental in working with employers citywide who offer financial assistance to their employees so they can purchase a home in the city.

For those who already own a home but are trying to make it more affordable, there are city loan programs available. TaxSmart also can be used for home rehab loans to upgrade energy systems and rehab homes. Homeowners who use TaxSmart for home rehab projects can get a federal income tax credit of up to half of the annual interest paid on the loan.

And finally, owners of historic Chicago bungalows are eligible for matching grants when they make their homes more energy efficient by adding insulation, installing energy efficient heating and cooling systems or replacing windows and doors.

We wish everyone a happy holiday season and want you to remember that when you think about buying or rehabbing a home, turn to the source you can trust – the City of Chicago and its partners.

For more information on City Mortgage and TaxSmart and other Department of Housing programs, call 311 or visit www.cityofchicago.org/housing.