Historical Chicago Bungalow Association
Program:
Bungalow Tax Smart
Eligibility:
Only owners that have certified their bungalow with the Historic Chicago Bungalow Association are eligible for the incentives. Other eligibility requirements include that it must be a new mortgage, that eligible borrowers have the certified Historic Chicago Bungalow as a primary residence and be first time homebuyers.
Use:
Tax Smart is a mortgage program that provides a federal income tax credit to qualified homebuyers. A tax credit is a direct reduction of taxes due. Under the program, a homebuyer would receive a credit to reduce
income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit may be claimed each year the homebuyer continues to live in a home financed under this program.
Amount:
Reduces Federal Income Tax by 20% of the annual interest paid each year for the life of the mortgage.
Timeframe:
Year-Round (See Website for More Information)
Type:
Tax Credit
Additional Links:
Bungalow Tax Smart Program 
