Chicago Mayor Lori Lightfoot announced a tax-free investment program for residents eligible for another round of stimulus checks.
Payment of up to $ 1,500 per month from the city to be used for real estate projects in certain neighborhoods.
To qualify for the stimulus check, you must have an income below 80 percent of the area’s average median income.
Residents who qualify for the stimulus check can receive $ 1,500 per month for two years and up to $ 18,000 in total.
What Is The Chicago Moves Stimulus Check?
The Chicago Mayor’s Office says the program is designed to help neighborhoods build up their commercial corridor and housing stock by offering financial incentives to developers who invest in real estate projects, including renovations or new construction.
The mayor said it’s an opportunity to “support local businesses, enhance your neighborhood and improve property values” all at the same time.
The amount of your check depends on income. Residents who qualify can receive $ 1,500 per month for two years and up to $ 18,000 in total.
The money is tax free and can be used to buy a home or repair it, start a business or just get started on some long-term projects like renovating an older house that needs some work. You don’t need to have proof of income when you apply for this program—it’s all about what you intend to do with the money once it’s awarded!
The program is intended to stimulate economic development in specific areas of the city. The goal is to encourage people to buy homes in these areas and help with home ownership that has been struggling financially. Some of the areas include: Englewood, West Englewood, Roseland, Washington Park and Woodlawn.
You must have an income below 80 percent of the area’s average median income and be a Chicago resident with a valid driver’s license. You must also have purchased or rented a home within the last six months (purchased) or three years (rented). To be eligible for this program, your mortgage balance cannot exceed $ 500,000 (adjusted annually). If you qualify for this rebate program but do not meet these requirements, there are still other programs available through the city of Chicago.