About the Tax Savings Program
Under state law, Illinois Property Owners who rent to Participants in the Housing Choice Voucher (HCV) Program may receive property tax abatement (“tax savings”) in an amount up to 19% of a property’s Equalized Assessed Value (EAV). The actual amount will depend upon tax rates, the state equalizer, EAV and the number of qualified units rented to HCV Program Participants. In order to qualify for this tax savings program in Chicago, HCV program Property Owners must meet the following guidelines:
- The property must be located in a census tract with a poverty rate below 12 percent.
- At least one unit must be leased to a family participating in CHA’s HCV Program as of January 1st of the year for which the Property Owner is applying for the tax savings.
- The eligible unit(s) must be in compliance with Housing Quality Standards as of January 1st of the year for which the Property Owner is applying for the tax savings.
- The building must be in compliance with local building codes.
All Property Owner(s) must submit a separate application for each property on an annual basis. Each application should have a separate Property Index Number (PIN). No applications will be accepted after November 1st for the applicable taxable year.
- Complete the HCV Tax Savings application (print or type).
- Print the poverty level percentage of the census tract in which your property is located and attach it to your application. The poverty level should be below 12%.
- Mail the original, notarized, application and a copy of the poverty level page to:
CHA Housing Choice Voucher Program
60 E. Van Buren Street, 11th Floor
Chicago, IL. 60605-1207
Faxed copies will not be accepted. Keep a copy of this application for your records.
Instructions to determine if your property is located in an eligible census tract:
- Go to the Federal Financial Institutions Examination Council’s (FFIEC’s) website or the following web address http://www.ffiec.gov/geocode/default.aspx
- Select the most current calendar year
- Enter the property address
- Select “Search”
- Select “Get Census Demographics”
- Select “Income Data”
- Review the “% Below Poverty Level” (must be less than 12%)
Common reasons for application denial:
- The application was submitted after November 1st.
- The property isn’t located in the city of Chicago.
- The property isn’t located in a census tract with a poverty level below 12%.
- The applicant didn’t notarize the application.
- The applicant didn’t mail the original application.
- The application is incomplete.