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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) (Tax Credit)

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

Step 1: Apply through a TaxSmart participating lender. MCC must be issued before loan closing. First-come, first-served basis.

Earliest MCC issuance date under Series 2026 is February 1, 2026. Homebuyer must occupy home within 60 days of closing.