2015
FEBRUARY NEWSLETTER
PREPARING YOUR INCOME TAXES
Office pic

Letter from Outreach Director
Teresa Lambarry


Good Day Everybody:

I hope you are all keeping warm and safe from frostbite, with this frigid weather that we have been having lately! 

Although it is cold, that does not stop Chicagoans from moving on with our busy lives.  This month is a very busy month for some of us, we just celebrated Fat Tuesday, shoveled snow, layered and layered, and now it's time to do our Income Taxes!

This issue includes some excellent tips about tax preparation, including changes to the tax law in 2014 that might impact you and your families.  We hope you learn a lot - and maybe even find some programs to help you with your taxes at no charge.  

Starting this month, the newsletter has a new look! We hope you like it - but feel free to share your thoughts!

One more thing before leaving you,  please put Wednesday, March 25, 2015 on your calendar for the CCLT Refinance Fair. Read below for more information.  We will be sending out an invite for the event.

Until next month!
Board of Directors
Bruce Gottschall
President

Patricia Abrams
Vice-President

Ofelia Navarro
Secretary

Lawrence Grisham
Ex-officio Director

Calvin Holmes
Treasurer

Joy Aruguete
Joel Bookman
Pamela Gecan
Cornelius Griggs
Timothy Hughes
Edward H. Jacob
Rosanna Marquez
Robert McGhee
Guacolda Reyes
William W. Towns
Marva Williams
Jeffrey Wright

Staff
Kara Breems,
Executive Director

Teresa Lambarry,
Outreach Director
CCLT'S Homeowner Tip of the Month
CONTACT THE CCLT BEFORE YOU REFINANCE:

Remember that you must get approval from the CCLT to be able to refinance your existing loan.
Link to Restrictive Covenant Summary 
Homeowner's Corner for MARCH
Refinancing

For next month please send me your stories about what has been your experience as a CCLT homeowners and refinancing.

What has the refinancing done for you?  Saved you money? Shorten your term?

Please send me your story to share no later than March 16, 2015 - 4:30 p.m.

Remember that all who send in a story or tip will be entered in a raffle for a $25 Home Depot or $20 Target gift card. 
CCLT Board Member Showcase
Cornelius D. Griggs

  CCLT Interview with Mr. Griggs:

 

Q.  What inspired you to become a Board member of the CCLT?

A.  I joined the CCLT because of the opportunity to serve in a capacity where I can have a positive impact on the life of low and middle income Chicagoans who are searching for affordable housing opportunities to provide a better quality of life for themselves and their families.

 

I grew up in low income housing within Chicago's Cabrini Green and Austin Communities. At the time, organizations like CCLT were either nonexistent or "Access" to the proper information was not readily available to most families. 

 

Being a part of this board allows me to have an impact on the life of an individual or family who has shared some of the same experiences that I have shared throughout my journey. I hope that my participation in the CCLT Board will inspire our members to dream big, pursue your dreams and once achieved, reach back and pass the baton to those that are following in their footsteps.

 

_________________________________

 

BIO

Cornelius Damon Griggs was born on September 3, 1981 in Chicago Illinois. At the time of his birth, his mother was only 16 years old. From birth until the age of 8 years old, Cornelius enjoyed the luxuries of a normal life. His grandfather, James C Griggs Sr., spent a lot of time encouraging Cornelius to become a soldier in the U.S. Army. He often referred to him as "The Little Sergeant" within their household. Cornelius's relationship with his grandfather perished in 1989 when Mr. Griggs passed away due to heart complications at the age of 87.

Upcoming Events
What To Do In Chicago click below: 

Genesis Housing Development Corporation is hosting two useful workshops for Homebuyers and Homeowners in February for more details click here.  In March they are offering a Finance workshop and Homebuyer Education workshop, for more details please click here


Volunteer and make a difference in your Community. Click below to find out more:


Save the date:
CCLT Refinance Fair, Wednesday, March 25, 2015
5:30 to 8:30 p.m. City Hall
More details coming.
The Taxman Cometh

By Ed Finkel


Arguably the preferable choice out of the two proverbial certainties in life, taxes are never more on the minds of Americans than during the late winter and early spring months.

 

The City of Chicago has contracted with two organizations, the Center for Economic Progress and Ladder Up, to provide free assistance to low- to moderate-income individuals and families before the federal and state filing deadline of April 15.

 

In choosing a tax preparer, low- to moderate-income people should have two primary criteria in mind, affordability and competence, says Paul Harrison. A key consideration in determining the latter is whether the preparer has a federal Preparer Tax Identification Number. If they don't, "that's probably somebody worth staying away from," Harrison says.

 

But in the City of Chicago, "Most low-income people will qualify to have their returns done for free," he adds. "There's really very, very few reasons not to have it done for free, if you can."

 

The most significant change in filing taxes for 2014 stems from the full implementation of the Affordable Care Act and its individual mandate. Tax clients will need to bring their preparer "something that proves they had insurance for members of their family, or that they had an exemption from being required to buy insurance," Harrison says.

 

Those who have neither might have to pay the tax penalty, although Harrison cautions against listening to any tax preparer who asks for a separate check for that-a scenario he has heard about. "If anybody asks to do that, they should get out of there as fast as they can," he says.

 

Those who have purchased health insurance through the state marketplace should receive form 1095-A, although it's available on healthcare.gov if they have not, says Sarah Cathering White, tax assistance program manager at Ladder Up.

 

"You will need that form in completing the tax return," she says. "If you didn't have healthcare throughout the year, you're going to owe." That is, she adds, unless your family income is under the federal poverty level, in which case you're exempt.

 

While there have been no significant changes regarding homeownership, those who have become homeowners for the first time in the past year might not be aware that to claim housing-related tax credits such as mortgage interest deduction, they will need to bring the preparer their real estate tax information as well as their property identification number, White says.

 

The only significant change that Harrison sees for lower-income people is that the Earned Income Tax Credit has gone up to reflect 2014 income figures. White notes that all filers should make sure they have social security numbers of any dependents they're claiming for the Child Tax Credit, and that they have received all income documents before filing.

 

Perhaps most importantly, Harrison says, watch out for scam artists. Among the IRS' "dirty dozen" scams are return preparers who have refunds deposited into their own accounts, and those who invent income for teenage and older dependents so they can claim Earned Income Tax Credit. "A lot of people sign the return without reading it," he says. "A general piece of advice is to look over your tax return carefully, and ask as many questions as you need to, until you understand it."

 

Families earning under $50,000 in income and individuals earning under $25,000 can avail themselves of the free clinics. For more information, please visit www.TaxPrepChicago.org; or contact the Center for Economic Progress at (312) 252-0280 or www.economicprogress.org; or contact Ladder Up at (312) 409-1555 or www.goladderup.org.

CCLT REFINANCE FAIR WEDNESDAY, MARCH 25, 2015
INTEREST RATES ARE GOING UP - REFINANCE BEFORE THEY DO!

The buzz out there is that interest rates are going up sometime this year!  Before they do take advantage of the CCLT Refinance Fair coming up on Wednesday, March 25, 2015 from 5:30 p.m. to 8:30 p.m.

We have learned from our lenders that the current interest rates range from 4.33 to 4.75%, which means that if you currently have a 5% or higher interest rate it might be a great move for you to refinance.  Why keep paying a high interest rate on your principal balance?

If you are thinking about refinancing and plan to attend our refinance fair, start putting these documents together.

More information will soon follow!
HOMEOWNER CORNER: Preparing your Income Taxes!
This month's tip comes from CCLT Homeowner Susan Gaspar, who will receive a Home Depot or Target gift card as a thanks for her contribution. 

Susan shared this: I don't have many tips on this as my taxes are crazy due to my multiple jobs and theatre work (and I have a theatre tax guy do them for me so I don't make an error), but the one tip I DO have is about DONATIONS: 

If you are like me, you forget how many donations you make over the year. They might be small, but they add up! Get in the habit of getting a receipt for every type of donation you make: bags of items given to Goodwill or another charity, tickets you purchase for benefit events, money donated to online fundraisers, and gifts or donations to not-for-profit companies. 

For example, sometimes we toss a bunch of clothing and household goods in big bags and drop it off at Goodwill---that all counts as a donation. Or, maybe you gave your used office chair to a not-for-profit company instead of throwing it away---that counts too. All these little donations can help to make your tax return bigger---and every little bit helps!
YOUR WARD INFORMATION
FIND OUT WHAT IS HAPPENING IN YOUR WARD:

Below are links to all the wards were CCLT homeowners are living in.  If you don't see your Ward please bring it to my attention.  Use the link to access your Ward newsletter and find out how to engage in your own community.

Current CCLT Property Listings
Loop Area
Humboldt Park Area
Logan Square
Under Contract
1756 N. Kedzie, Unit F
South Wabash, 60605 

Condos - 1 Bd 1 Bath

Special Home Sales Program

  •  One-bedroom condominiums for $133,000
  • Beautifully  finished with elegant cabinetry and stainless steel  appliances
  • Affordable property taxes
  • Premier downtown location close to lakefront, parks restaurants and  public transportation
  • Sign a contract before February 28, and get a $2500 closing cost credit

Deliveries in Spring 2015

 

 

1632 North Sawyer, 60647

Single Family - Parking Pad
3 BD 2 Baths Unfinished Bsmt
Priced at $185,000.  Income eligible buyers (see below) could receive additional subsidy of $20K. Buyers must earn 100% AMI or below to purchase unit for $185,000.  Buyers earning 80% AMI or below may be eligible for an additional subsidy of $20,000

Household Size

Maximum income

for $20,000 IHDA Subsidy

80% AMI

 

Maximum income without IHDA subsidy

100%

 1 person

$40,550

$50,700

2 persons

$46,350

$58,000

3 persons

$52,150

$65,200

4 persons

$57,900

$72,400

5 persons

$62,550

$78,200

6 persons

$67,200

$84,000

7 persons

$71,800

$89,800

8 persons

$76,450

$95,600


Link

1756 North Kedzie, Unit F

Large Townhome 4 BD 1 1/2 Bath Unfinished Basement
Open floor plan with room on second floor to put your office.

Must be at or below 80% AMI in order to purchase:

Household Size

Maximum income

80% AMI

 1 person

$40,550

2 persons

$46,350

3 persons

$52,150

4 persons

$57,900

5 persons

$62,550

6 persons

$67,200

7 persons

$71,800

8 persons

$76,450