Resources for Chicago Housing Trust Homeowners
Property Taxes
A major benefit of owning a home via the Chicago Housing Trust is a reduction in property taxes for our affordable units when compared to comparable market rate units. The Cook County Assessor’s Office determines the value of homes in the Housing Trust’s portfolio based on their affordable resale restrictions rather than the full market value. As such, Housing Trust condominium and townhome owners should opt out of property tax appeals that contain all units within the homeowners association.
In the event that a Housing Trust homeowner has received a property tax bill with an assessment value substantially higher than normal, please email Assessor.Landtrust@cookcountyil.gov and copy chicagohousingtrust@cityofchicago.org.
As Cook County residents, Housing Trust homeowners are eligible for the Homeowner Exemption to receive additional property tax savings. If you are unsure whether the Homeowner Exemption has been applied to your unit, please review your Property Tax Bill. Cook County homeowners may reduce their Property Tax Bill by several hundred dollars a year through taking advantage of the Homeowner Exemption. Exemptions reduce the Equalized Assessed Value (EAV) of your home, which is multiplied by the tax rate to determine your Tax Bill; Homeowner Exemptions reduces the EAV of your home by $10,000. If you have not applied for the Homeowner Exemption, you can at this time and must submit the application form to the Cook County Assessor’s office.
The Housing Trust cannot submit this form on your behalf. Please follow the instructions provided here, print and complete the Homeowner Exemption application, and submit as soon as possible to the Cook County Assessor’s office.
Resale Information
If you intend to sell your Chicago Housing Trust home/unit, the first thing to do is fill out the “Notice of Intent to Sell’ form and email it to chicagohousingtrust@cityofchicago.org. Once this document is received, the Housing Trust will order a market rate appraisal of your home/unit and calculate the Maximum Resale Price based on that information. The fee for the appraisal will be collected from the seller’s proceeds at the time of closing. If the home does not sell within a reasonable amount of time, you will be billed for the cost of the appraisal. You can always choose to sell for less than the Maximum Resale Price, but not for more than the maximum resale price.
The Maximum Resale Price will be calculated according to the formulas in the Deed Restriction / Restrictive Covenant.
You can list your unit with a real estate agent or choose to sell it on your own. If you decide to list with an agent, please have the agent contact the Housing Trust immediately so that we can explain the procedures and protocols for resale. Housing Trust homes must be sold to a buyer whose gross annual household income is no more than the designated Area Median Income (AMI) threshold at that time. Any real estate commission will be paid from the seller’s proceeds. The real estate agent will work with you to market the home, coordinate showings, prepare the sales contract, and work with your attorney to prepare for closing, etc. The real estate agent may list the home on the Multiple Listing Service (MLS) as long as it includes the Housing Trust’s standard verbage which will be provided by staff. If you decide to sell on your own, this checklist provides some of the things you will need to know and keep in mind if you decide to sell on your own.
Before you can accept a Purchase Contract from a potential buyer, that potential buyer must be certified by Housing Trust staff. The process for certifying a potential buyer involves prospective buyers submitting a complete application package to the Housing Trust, as you once did to purchase your home initially. Once the Housing Trust receives a complete application package, we can determine eligibility within 3 – 5 business days.
When you have a certified buyer, this Purchase Contract Rider must be attached to the Purchase Contract and signed by the buyer.
The Housing Trust assists in the marketing of the home by including it in our semi-monthly E-blasts to over 4,000 subscribers. That said, the Housing Trust is not a real estate agent and does not have access to list your home on the MLS.
Connect with Us
Submit feedback or questions here.
- chicagohousingtrust@cityofchicago.org
- 121 N LaSalle Street Room 1006 Chicago, IL 60602