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CPS Teacher Housing: Home Buying

ATTENTION:
Chicago public school teachers
who are first-time homebuyers in Chicago!

The two programs described below will help you save money now – at the time of your home purchase – and save money later, every year for the duration of your mortgage!

Save Money Now – with closing cost and down-payment assistance:
The CPS Teacher Homebuyer Assistance program provides financial assistance to highly qualified Chicago public school teachers who are first-time homebuyers in Chicago to purchase homes and continue teaching for the Chicago Public Schools (CPS). The forgivable loan granted for each qualifying CPS teacher – funded by CPS, provides a $3,000 per teacher in closing cost and down-payment assistance.

Save Money Later through "Tax Smart" – with additional federal income tax reduction:
By combining our Teacher Homebuyer Assistance with TaxSmart, another first-time homebuyer program, participating teachers can save even more money over the life of their mortgages. TaxSmart enables participants to save up to $2,000 in federal income tax reductions each year of they pay on their mortgages.

Contact any of these Teacher Housing Lender Partners to benefit from both programs:

  Chicago Community Land Trust (CCLT) ( www.cityofchicago.org/hed ) The Chicago Community Land Trust is a non-profit housed within the City of Chicago that is dedicated to ensuring that the City has a long-term supply of housing affordable to middle-income households in neighborhoods across the entire City. Buyers of CCLT units earn under 100% of the Area Median Income, and buy their homes because they want to live in them: they cannot typically rent or sublet their units. When they are ready to sell their units, CCLT buyers sell to another income-qualified buyer for an affordable price. If the home has increased in value, the seller will earn 20-25% of any equity earned by the home. Contact: Teresa Lambarry at 312-744-5086 (teresa.lambarry@cityofchicago.org) for availability.

  City of Chicago Department of Housing and Economic Development ( www.cityofchicago.org/hed )

Unique and creative programs designed by HED to help working families and individuals by offering down payment, rehab, and mortgage assistance as well as affordable homeownership options for buyers across the City:

  • TaxSmart - a Mortgage Credit Certificate (MCC) program which entitles first-time home buyers to a federal income tax credit
  • Affordable Homes for Sale - View properties sold at a discount and learn about other incentives that the City may be offering to assist you with your home purchase. 
  • The Historic Chicago Bungalow Initiative
  • Homeownership Housing Counseling at locations near you!
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Contact: The Chicago Department of Housing and Economic Development at (312) 744-4190 (no email listed) for availability.