Incentives Available

Building on existing public-private partnerships, the City and its partners have assembled a variety of resources to maximize benefits for homebuyers and communities. The incentives are available to homeowners across a spectrum of incomes to purchase a home that is right for them. The partnership between the City, philanthropic partners such as the Partnership for New Communities, developers, and lenders makes “Find Your Place in Chicago” a historic initiative that offers a great opportunity for home buyers.

Incentives available on all homes:

TaxSmart Mortgage Credit Certificate - A number of lenders provide a Mortgage Credit Certificate that gives the buyer a federal income tax credit of up to $2000 for the life of the mortgage, depending on eligibility. Click here to learn more.
Developer incentives - Many of the City's developer partners are offering incentives for their developments, from a year free parking to free upgrades. Visit developers' websites or contact their sales representative to learn more.
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, such as 30-year, fixed-rate mortgages with 3% down and grants toward closing costs and fees to eligible borrowers. Click here to learn more.
Employer-Assisted Housing Grants - Various public and private employers offer down-payment assistance grants and forgivable loans to employees who buy homes in certain areas of Chicago. This includes programs for public safety officers and Chicago Public Schools teachers. Click here to learn more.
New First-Time Homebuyer Federal Tax Credit - The federal government is now offering an income tax credit of up to $8,000 credit to buyers who purchase a home between January 1, 2009 and April 30, 2010. Click here to learn more.

Incentives available on certain homes:

Partnership Special Incentive - The Partnership for New Communities will provide $10,000 to the first 100 buyers of eligible homes under $450,000. There are no income eligibility requirements. Click here to learn more.
Chicago Partnership for Affordable Neighborhoods (CPAN) - Provides purchase-price assistance of up to $30,000 to eligible buyers. Amount of assistance depends on household income. Click here to learn more.
New Homes for Chicago - Provides up to $40,000 in purchase-price assistance to eligible buyers on certain homes, depending on household income. Click here to learn more.