City partnership pushing $10,000 buying incentive

Parkside of Old Town, Chicago

Judging by the banners I’ve seen in ‘L’ cars this week, the city is stepping up its promotion of buyers incentives offered through its Partnership for New Communities housing program. Those deals range from tax credits to lender grants, depending on the type of development, but the incentive getting the most play on the Partnership’s Web site and CTA ads right now is the $10,000 credit available to the next 100 people who buy homes at seven mixed-income developments:

According to the Partnership’s Web site, “there are no income restrictions, but to receive the grant, buyers… must own and occupy the property as a primary residence for a period of no less than three years in order for the grant to be forgiven.”

The Parternship for New Communities currently comprises 36 developments where condos, single-families and townhouses are priced from the $150s to the $450s. Not all of those developments are mixed-income projects like the ones above, however. For example, Mesirow Financial Real Estate‘s R+D659 (below), located at 659 W Randolph St in the West Loop, is a Partnership member thanks to its participation in the Chicago Partnership for Affordable Neighborhoods, or CPAN, as well as the TaxSmart mortgage credit and Federal Home Purchase tax credit programs.

R+D659, Chicago

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