Home > Helpful Tools > Chicago Savings and Gift Programs

Chicago Savings and Gift Programs

…tax savings and gift programs

Chicago Bancorp has partnered with the City of Chicago to offer a unique series of programs the will save you money now, and for the life of your loan .

Tax Smart Program

Tax Smart is a Mortgage Credit Certificate (MCC) program which entitles first-time home buyers to a federal income tax credit. A tax credit is a direct reduction of taxes due. Under the program, a home buyer would receive an MCC to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit is available each year the home buyer continues to live in a home financed under this program.

Typical Savings = $1,620/year

City Mortgage Program

The City Mortgage Program offers qualified first-time homebuyers a gift of 4% to cover down payment and closing costs and 30-year, fixed-interest mortgages at competitive interest rates. When you find your dream home, this program will surely make it more affordable.

Typical Gift = $9,000