Bungalow TaxSmart Credit
When used to purchase a home, Bungalow TaxSmart users take the standard deduction for 80% of the yearly interest paid on their mortgage when caluclating their federal income tax burden, and then take an additional amount equal to 20% of their yearly interest payments off their income tax bill, resulting in a savings of up to $2,000 each year for the life of the loan.
When used in conjuction with with a conventional rehab or home equity loan, Bungalow TaxSmart users take a standard deduction equal to 50% when calulating the tax burden, and then take an additional amount equal to the other 50% of the yearly interest paid from the amount that they owe the federal goverment in income tax payments as a mortgage credit, a savings of as much as $2,000 a year for the life of the loan.
Eligibility:
- Home must be HCBA certified
- Family's income may not exceed 140% of area median income.
- House value cannot exceed Chicago Department of Housing requirements.
- Bungalow must be borrower's primary residence.
- Only accessible through Bungalow Partner Banks.
Contact a Bungalow Lender to begin the process.
Related Links:
Bungalow Lenders
Income
guidelines and purchase price limits 
Target
area map
Bungalow Weatherization Program
This program is designed to help households of modest incomes do basic weatherization of homes: attic insulation, sealing air leaks, and installing a programmable clock thermostat. It is a partnership between ShoreBank Neighborhood Institute, the city of Chicago Dept. of Housing, and the HCBA.
Elgibility:
- Home must be HCBA certified
- Household income must be considered moderate
- Applicant must be credit worthy
Program Overview: