Greenline Development, Inc. is constantly working to provide a high quality product at an affordable price.  For a limited time the following incentives are available for purchasers of our units at The Baldwin @ 6625 S Ingleside.  This is a once-in-a-lifetime opportunity.

DETAILS:

The City of Chicago contributes $20,000 towards closing costs and down payment for each unit purchased.  Depending on income a homebuyer will either be considered an "affordable buyer" or a "market rate buyer" for the purposes of the City of Chicago.  "Affordable buyers" can have a household income of no more than 120% of the area median income (see chart below).  A limited number of units can be sold to "market rate buyers" who earn more than the income limits below.  "Market rate" buyers will still be eligible to receive the $20,000 subsidy.

"Affordable buyers" are required to fill out a City Lots for City Living application and provide income verification documentation.  All buyers will be required to fill out an economic disclosure form and settle any outstanding debts with the City of Chicago.  Greenline will walk the buyers through this process.  Homebuyers also must receive pre-purchase counseling and provide a Certificate of Completion of pre-purchase counseling with the City Lots for City Living application. There are several agencies that providing free counseling.

The City of Chicago restricts resale of units with a four year recorded recapture agreement for the amount of $23,750  ($20,000 subsidy plus the unit value of the land write down of $3,750).  This amount will be forgiven 25% for each year that the homeowner stays in the unit as shown in the table below: 

Eligible buyers may also qualify for TaxSmart Mortgage Credit Certificate (MCC).

Please contact us with any questions..