Chicago Condo Directory

November 12, 2009 - There are only a couple more days left if you want to cash in on the Find Your Place In Chicago program offered by The Partnership For New Communities. The Chicago real estate developments participating in the program are Park Boulevard, Lake Park Crescent and Parkside of Old Town. There are about 133 eligible condos and townhomes combined in these developments.

If you remember, there has been a $10,000 grant available to buyers of certain units at some Chicago real estate developments. That is still in effect, but if you can sign a purchase agreement by November 15th and close by January 30, 2010 then you can also get an $8,000 tax credit. Add that to the federal tax credit for first time homebuyers that has been extended into the middle of next year and that’s a pretty good monetary incentive.

This new $8,000 matching tax credit isn’t the only new incentive either. The Illinois Housing Development Authority is offering what they are calling the 30 Year Home Start Mortgage program. It is basically a forgivable loan of 3% of the Chicago condo or home purchase price and tops out at $6,000. The idea is for buyers to use it as part of a down payment. Qualifications are that the buyer has to contribute at least $1,000 or 1% of the purchase price, live in the residence for 10 years and have a minimum credit score of 640. You also have to go to a home ownership seminar and agree to have a 0.5% fee added to your loan interest rate.

Time is running out for this new program, but you might still want to get out this weekend and see if there are any Chicago Townhomes or condos in the participating developments that interest you.

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