Скачать или смотреть MCC Tax Credit City of Chicago| Tax Smart| Housing Assistance| Chicago Realtor

Chicago is offering a program called TaxSmart aka MCC Tax Credit (Mortgage Certificate Credit) that many home owners do not know about. This program is a "Mortgage Credit Certificate" (MCC) that provides qualified home buyers with a federal income tax credit. This is a tax credit which directly reduces the amount of taxes that qualified home owners are due. This program would earn a home buyer an MCC to reduce their taxes by 20% of the interest paid on a mortgage. The beautiful thing is that this credit can be claimed every year as long as you still live in the home that is financed through TaxSmart.

Here are the guidelines laid down by federal law that a "qualified home buyer" must satisfy:

First-Time Homebuyer - The definition of this is the same as a first time home buyer for the 8k tax credit. As long as you haven't owned a primary residence in the past three years you qualify as a "First Time Homebuyer".

Target Area Purchase - Even if you are not a First-Time Homebuyer you can qualify for this program if you buy a home in one of the designated target areas.

Income - As with most programs such as this it is aimed to help low to moderate income families and there are limits to the income that a household can earn and still qualify. There is a chart that is also provided in the link below.

Purchase Price - There is also a cap on the purchase price of homes financed under TaxSmart.

One of the participating lenders is Guaranteed Rate
you can contact Yale Valdez

Yale Valdez
Vice President of Mortgage Lending
NMLS ID # 194161
[email protected]
Phone: 773.250.5917
Cell: 630.745.0901
Fax: 773.516.6157

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