When looking for a new home in the great world of real estate some of the best credits and money available are on the wonderful
City of Chicago's Bungalows
 

Bungalow TaxSmart

NOTE: The TaxSmart program is currently on hiatus and will resume in the 2nd quarter of 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:

• Reduces Federal Income Tax by 20% of the annual interest paid each year for the life of the mortgage.
• Competitive interest rates.
• $500 voucher for an energy efficient appliance.

 

Important Information

The TaxSmart application must be secured before purchase is complete.

For more information and complete income limits and requirements, click here.