City of Chicago
Mortgage Credit Certificate (MCC) Program
Application Process
TaxSmart MCC Program Application Process
The Participating Lender is required to complete the TaxSmart MCC Application
and assist the homebuyer with the completion of the Borrower Application
Documents.
The official TaxSmart MCC Program Application and Borrower Application
Documents are available to the Lender on the City’s web-site at
cityofchicago.org/dcd.
Submit the completed TaxSmart MCC Program Application to:
Alberta Daniels
City of Chicago TaxSmart MCC Program
City Hall, Room 1006
121 North LaSalle Street
Chicago, Illinois 60602
E-mail: taxsmart@cityofchicago.org/(312) 744-0857
TaxSmart MCC Program Application Process
TaxSmart applications are processed in the order in which they are received.
TaxSmart applications must be submitted at least two (2) weeks before loan
closing to allow for DCD processing. It is essential to have completed
applications and required documentation to ensure a Conditional Approval
Letter is issued before loan closing.
Loans closed before the receipt of a Conditional Approval Letter do not qualify
to receive the TaxSmart benefit.
The Borrower Application Documents must be submitted as original
documents with original signatures and notary. Please do not submit the
documents by scanned e-mail or fax. The mortgage application (1003), sales
contract, and income tax returns may be submitted as copies.
The Borrower Application Funds Reservation Form (official borrower
application) is an interactive PDF that can be e-mailed to the City to begin the
approval process.
TaxSmart MCC Program Application Process
Upon receipt of a complete application, information is entered into the Mitas
Loan Reservation System. The eligibility review is performed.
If the homebuyer is qualified to participate in the program, the Lender will
receive:

TaxSmart Reservation Confirmation (summary of the borrower application that includes a
funds reservation number by which the applicant is identified). The funds reservation
number must be included on the borrower application document where applicable.

City Disclaimer disclosing program provisions associated with the registration confirmation.

Borrower Application Checklist (list of borrower application documents required in order for
the City to issue a Conditional Approval Letter.)
TaxSmart MCC Program Application Process
Upon receipt of the borrower application documents requested in the Checklist, DCD will
issue a TaxSmart MCC Conditional Approval Letter. The Conditional Approval Letter is
utilized at the loan closing and serves as evidence of the TaxSmart benefit to the
homebuyer.
The City’s commitment is limited to the expiration date provided in the Conditional
Approval Letter. Loans not closed by the expiration date will be cancelled unless an
extension has been granted. Generally, the Conditional Approval will expire two months
from the date of the commitment from the City.
Within 14 days after the loan closes, the Lender submits the TaxSmart Closing Package.
The Closing Package includes:




Lender’s Closing Affidavit
Borrower’s Closing Affidavit
Seller’s Closing Affidavit
TaxSmart MCC Program Fee of $225.00. Please make this check payable to the City of
Chicago. Personal checks are not accepted. Checks drawn on the participating lender, title
company, cashier’s checks, and money orders are all acceptable forms of payment.
TaxSmart MCC Program Application Process
Closing packages received after the 14 day period allotted to submit the
closing package may be subject to the Internal Revenue Service (IRS) Late
filing fee of $200.00.
The City reserves the right to cancel any TaxSmart Reservation when the loan
closing package has not been received at least 28 days after the loan closing.
The actual Mortgage Credit Certificate and Refinancing Documents are mailed
to the Lender. The Lender provides the homebuyer with the original certificate.