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TaxSmart MCC Series 2026

Administered by:

City of Chicago Department of Housing

· City · Tax Credit

Funding status: Active

How much assistance

Federal tax credit: 25% of annual mortgage interest (50% for improvement/rehab loans)

Non-refundable annual federal tax credit for the life of the loan while the home remains the primary residence.

Income limits: IRS Chicago MSA limits based on household size.
First-time buyer required: Yes — Has not owned a primary residence in the past 3 years (waived in federal Targeted Areas).
Geographic restrictions: Property must be located within the City of Chicago. One- to four-family residences eligible. Federal purchase price limits apply for Chicago MSA.
Homebuyer education required: No