NEIGHBORHOOD HOUSING SERVICES OF CHICAGO INC.
Through the Neighborhood Lending Program, the City of Chicago and Neighborhood Housing Services (NHS), provide first and second mortgage loans for the purchase or purchase+rehab of 1- to 4-unit buildings for homeowners who might otherwise not be able to purchase a home. Special subsidies are also available to income-eligible households to support these loans. Clients receive one-on-one counseling and classroom instruction in budgeting, financial planning and credit repair
Qualifying applicants seeking to purchase or purchase+rehab a home may receive deferred, forgivable loans for:
• Downpayment assistance
•Closing cost assistance
•Affordability assistance (debt-to-income ratio)
•Lead-based paint abatement
Program eligibility will be determined by NHS based on gross annual household income. To qualify for a forgivable loan, households must be under 80% of area median income - approximately $59,600 for a family of four.
Contact NHS at (773) 329-4010 for information and application materials.
Put your properties in a Landtrust, you are the benefiary, it's good for anonymity when you own multiple properties.
A land trust is a useful way to manage complex divisions of the bundle of rights that people can own in real estate, and can be used to manage something as large and complex as a multi-state real estate investment trust, or as common and small as a single-family home.
Corporations sometimes set up land trusts when they want to compile large tracts of land without arousing suspicion or alerting people to their plans (which would cause the asking price to rise). For example, the land for Walt Disney World near Orlando, Florida, was put together by using many land trusts to buy smaller tracts of land.
Individuals use land trusts as an alternative type of housing tenure to owner occupancy mainly for privacy and to avoid probate. Many investors buy properties through land trusts to prevent their names appearing in public records. The land trust also allows the property to immediately pass to the owner's heirs upon death, rather than go through a lengthy probate process
Land trust - Wikipedia, the free encyclopedia
There are two distinct definitions of a land trust:
View on en.wikipedia.org
Go to Chicago Title Land Trust Company to set up a land trust for your properties. Protect yourself and your assets if you ever get sued.
Chicago Title Land Trust Company
Chicago Title Land Trust Information view on www.ctlandtrust.com
Make an LLC, like 1644 W. 21st LLC, 1919 Montrose LLC, 2121 W. 19th LLC instead of putting everything in your name.
How to Form an LLC in Illinois | Nolo.com
To form an LLC in Illinois, here's everything you need to know. View on www.nolo.com