Buy Real Estate in Chicago with Government Money |

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Buy Real Estate in Chicago with Government Money

By Jillian Wheeler | July 26, 2007

The city of Chicago offers real estate investors some of the most comprehensive housing programs in the country. Chicago’s downtown is surrounded by many beautiful old neighborhoods affected in the sixties by “white flight,” and there is a concerted effort underway to restore many of the old buildings and create new housing opportunities both for their residents and for younger families who want to live close to downtown. Affordable housing is at a premium, and the city is dedicating money and financial incentives to developers who want to get involved.

Chicago Partnership for Affordable Neighborhoods (CPAN), a partnership between the City of Chicago and developers, is a tool to ensure opportunities for affordable condominiums and single family homes in market rate developments, particularly in appreciating neighborhoods, through two steps: a developer write-down and possible purchase price assistance to homebuyers. The city helps the developer by waiving permit fees up to $10,000 per unit and providing a pipeline of mortgage-ready prospective homebuyers.

Another exciting program, City Lots for City Living, allows eligible applicants to purchase vacant City-owned property for affordable housing activities. Land can be used as sites for single-family (1-4 units), owner-occupied units and for rental buildings. DOH determines the land sales price based on appraised value, discounted by up to $20,000, plus reasonable transaction costs. Deeper discounts may be recommended for lots which accommodate multiple units.

The Cook County Class 9 Program offers a 50% reduction in assessments and taxes to developers who complete major rehab on multifamily buildings and keep rents below certain levels. Under the Downtown Affording Housing Zoning Bonus Program, developers in downtown zoning districts are eligible to receive additional square footage for residential development in exchange for a commitment to affordable housing.

Of course, investors who take advantage of any of these programs can also utilize the city’s many housing grants and low-cost loan programs.

To learn more about government grants for real estate, check out The New American Land Rush: How to Buy Real Estate with Government Money:

www.NewAmericanLandRush.com

Individuals and Families in Chicago

And Chicago hasn’t forgotten individuals and families, either. There are great programs providing down payment and closing cost assistance and other support in buying homes and rehabbing existing homes. One of the most innovative programs offers special assistance to anyone who buys one of the city’s magnificent old bungalows.

If you’re looking for assistance in buying a home or fixing one up, check out The First Time Homebuyers’ Guide to Free Money. You don’t have to be a first time homebuyer to benefit – there are programs for you even if you want to repair an existing home, or you’ve owned a home in the past. Learn more at:

www.grantmerich.com/hb.htm

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