Monday, April 13, 2009

POCKET $24,500 IN INCENTIVES AND FIND YOUR NEW HOME IN CHICAGO

It’s time to push the easy button and take advantage of spring home-buying incentives that can gift you up to $24,500 in grant and tax credit money and a chance to live in some of Chicago’s most exciting new neighborhoods.

Between now and April 29th, families shopping to buy a new home in one of five new Chicago mixed-income developments will be given $15,000 down payment assistance grant through “Find Your Place in Chicago,” a private homeownership program. There are no income restrictions on the grant program, which is being boosted from $10,000 during April.

And if you are a first-time home buyer, you also will be eligible for a federal tax credit of up to $8,000 under President Obama’s Economic Stimulus program, expanding the purchasing incentive to $23,000.

In addition, Harris Bank Neighborhood Commitment Program offers 3-percent down payment mortgages that provide up to $1,500 in grants to pay for closing costs and numerous developer incentives. So, the housing incentives really max out at $24,500.

The $15,000 grant, provided by the Partnership for New Communities, is available for the purchase of any home priced between $150,000 and $450,000 at the following developments: Oakwood Shores, Park Boulevard and Lake Park Crescent on the Near South Side, Parkside of Old Town on the Near North Side, and Roosevelt Square on the Near West Side. Visit www.findyourplaceinchicago.org for details.

Open houses will be held at each development on Saturday, April 18th and on Saturday, April 25th. However, appointments to view the properties can be made for any day. Special group tours of the area will be made available to employers or other interested groups.

“These homes are terrific bargains, and the $15,000 incentive and new $8,000 federal tax credit make it even better,” said Maria Hibbs of The Partnership for New Communities. “The homes are finely built, located in great neighborhoods, and accessible to amenities, schools, shopping, parks, public transportation and recreation.”

All novice home buyers who purchase a residence between now and December 1, 2009 will receive the tax credit provided they stay in the home for three years, and the money need never be repaid. The tax credit allows home buyers to subtract up to $8,000 from the amount that they would owe the federal government in income taxes for the year.

The credit is available for homes of any price, but is capped at $8,000 or 10 percent of the purchase price, whichever is less. The buyer’s modified adjusted gross income must be less than $75,000 ($150,000 if married and filing jointly).

“The down-payment assistance grant program and the tax-credit are a wonderful way to invest in homeownership,” developer Joe Williams, president of Granite Development, developer of Oakwood Shores. “These incentives help create higher property values and expand Chicago’s real estate tax base.”

Find Your Place in Chicago also offers buyers at Oakwood Shores and other mixed-income communities TaxSmart mortgages that allow for federal income tax reduction of up to $2,000 annually for the life of the loan.

Eleven immediate-occupancy condominiums, duplex townhomes and row homes currently are available at Oakwood Shores, 3744 S. Cottage Grove. Condominium prices start at $234,900, duplex townhome prices begin at $374,900, and row homes start at $529,900. Call 773-538-0001, or visit www.oakwoodshoreschicago.com.