NOTICE TO THE PUBLIC AND TO
ALL INTERESTED MORTGAGE LENDERS
CITY OF AURORA, KANE, DUPAGE, WILL AND KENDALL COUNTIES, ILLINOIS
MORTGAGE CREDIT CERTIFICATE PROGRAM
City of Aurora, Kane, DuPage, Will and Kendall Counties, Illinois (the “City”) intends to implement a Mortgage Credit Certificate Program (the “Program”), on its own behalf and on behalf of the other units of local government within the Eligible Program Area (as hereinafter defined) through intergovernmental cooperation, that will entitle eligible low and moderate income first-time homebuyers to a federal income tax credit. The following units of local government may be participating in the Program, and therefore, if such units of local government agree to participate in the Program, such homebuyers of one to four family residences located in the following areas (the “Eligible Program Area”) and meeting the other requirements of the Program may qualify for said federal income tax credit:
the City of Aurora, Illinois, the City of Joliet, Illinois, the Village of Lombard, Illinois, the City of Naperville, Illinois, the City of Peoria, Illinois, the City of Springfield, Illinois, the City of Washington, Illinois, Boone County, Illinois, Champaign County, Illinois, Coles County, Illinois, Cook County, Illinois, DeKalb County, Illinois, DuPage County, Illinois, Kankakee County, Illinois, Kendall County, Illinois, Lake County, Illinois, Macon County, Illinois, Madison County, Illinois, McLean County, Illinois, Ogle County, Illinois, Peoria County, Illinois, Rock Island County, Illinois, Tazewell County, Illinois, Will County, Illinois, and Winnebago County, Illinois.
Under the Program, a homebuyer who satisfies the eligibility requirements described below may receive a federal income tax credit in an amount equal to the product of the certificate credit rate (from 10% to 50%) established under the Program and the interest paid or accrued by the homebuyer during the taxable year on the remaining principal of the certified indebtedness amount incurred by the homebuyer to acquire the principal residence of the homebuyer; provided that, if the certificate credit rate exceeds 20%, such credit allowed in any taxable year may not exceed $2,000. In order to qualify to receive a mortgage credit certificate, the homebuyer must qualify for a conventional, FHA, VA or other home mortgage loan from a lending institution, and must meet the other requirements of the Program.
The mortgage credit certificates will be issued to qualified mortgagors on a first-come, first-served basis by the City acting through an administrator, which will review applications from lending institutions and prospective mortgagors to determine compliance with the requirements of the Program, and determine that mortgage credit certificates remain available under the Program. No mortgage credit certificates will be issued prior to ninety (90) days from the last date of publication of this notice in the Eligible Program Area or after the date that all of the mortgage credit certificate amount has been allocated to homebuyers and in no event with respect to debt incurred after December 31, 2016.
In order to satisfy the eligibility requirements for a mortgage credit certificate under the Program, (a) the prospective residence must be a one to four family residence located within the geographic limits of the Eligible Program Area, that can be reasonably expected to become the principal residence of the mortgagor within a reasonable period of time after the financing is provided; (b) except for residences in certain targeted areas and residences for certain veterans, the mortgagors must not have had an ownership interest in a residence at any time during the three-year period before the mortgage is executed; (c) the prospective homebuyer’s current income must not exceed, (i) for families of three (3) or more persons, 115% (140% for targeted areas) of the area median income, and (ii) for individuals and families of two (2) persons, 100% (120% for targeted areas) of the area median income; (d) the acquisition cost of the residence must not exceed 90% (110% for targeted areas) of the average area purchase price applicable to the residence; and (e) no part of the proceeds of the qualified indebtedness may be used to acquire or replace an existing mortgage. To obtain additional information on the Program as well as the current income and purchase price limits (which are subject to revision and adjustment from time to time by the City pursuant to applicable federal and state law), please call Monarch Mortgage Management LLC (312) 664-5664, or write Monarch Mortgage Management LLC, Suite 500, 220 West Huron Street, Chicago, Illinois 60654.
The City intends to maintain, and periodically update, a list of single family mortgage lenders that have stated that they will participate in the Program by making loans to qualified holders of the mortgage credit certificates. Applicants for mortgage credit certificates in connection with the Program will not be required to obtain financing from the lenders on said list. Any lender interested in appearing on this list or in obtaining additional information regarding the Program should call Monarch Mortgage Management LLC (312) 664-5664, or write Monarch Mortgage Management LLC, Suite 500, 220 West Huron Street, Chicago, Illinois 60654. If adequate interest is expressed, the City, through the administrator, may schedule a meeting with lenders to discuss in greater detail the requirements of the Program.
This notice is published in satisfaction of the requirements of Section 25 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation Sections 1.25-7T and 1.25-3T(j)(4) issued thereunder regarding, the public notices prerequisite to the issuance of mortgage credit certificates and to maintaining a list of participating lenders.
Office Space Flexible Terms
Value priced office space available at Henson Place Properties. I-74 visibility with easy Interstate access, flexible floor plans and ample free parking. Space from 400 sq.ft. to 5000 sq.ft. Priced: $7.50 to $9.50 per sq.ft. plus utilities. Contact
Burch Kiser Real Estate, LLC
The Board of Education, Danville School District #118, desires to receive sealed bids for Paving Projects at Garfield Elementary, Edison Elementary, and Cannon Elementary Schools in Danville, IL 61832.
Work shall be performed under one Unified Contract and be submitted on forms provided in the Project Manual.
Bid Security is required and shall be in the amount of not less than five percent (5%) of the total price.
Bid documents may be obtained for a deposit of $40.00 per set which will be refunded when documents are returned in good condition, within seven (7) days after the Bid opening, at CityBlue Technologies, 313 N. Mattis Ave, Suite 102 Champaign, IL 61821, Phone: 217-355-6980, Fax: 217-355-6985,
http:/www.citybluetechnologies.com . Electronic media of the Drawings and Specifications is available to plan-holders (only) from the same printing company for a non-refundable fee. Signed agreement of an Electronic Media Waiver Form is required. Contact: Spence Wike;email@example.com
Bid Documents may be examined by prospective Bidders at the following locations: Greater Peoria Contractors and Suppliers Association, 811 West Altorfer Dr., Peoria, IL 61615, Phone: 309-692-5710,
or F.W. Dodge, 1620 South 5th Street, Springfield, IL 62703, Phone: 217-528-1444 or Reed Construction Data, 30Technology Parkway S, Suite 100 Norcross, GA 30092, Phone: 800-424-3996.
Owner reserves the right to accept or reject any Bid, to waive informalities or errors in bidding for a period of ninety (90) days after Bid opening.
Bidder receiving award shall furnish an approved one hundred percent (100%) Performance Bond and a one hundred percent (100%) Labor and Materials Payment Bond.
Wage rates shall not be less than those in Project Manual, and not less than those on state website.
A pre-bid meeting and tour will be held at the Administration Annex Building, 615 N. Jackson Street, Danville, IL, on Monday, March 24, 2014, at 1 P.M. local time. Attendance at Pre-Bid meeting as scheduled may be required for Bidder’s Bid to be considered responsive when bids are reviewed by the Owner for awarding Contract.
Sealed bids must be received by Danville School District #118, 516 N. Jackson Street, Danville, IL 61832, Attn: Mr. Ronald C. Henton, Director Buildings and Grounds, School Restroom Remolding Bid, on or before Thursday, April 3, 2014, by 1:00 PM local time. All bids received after this will be returned to the bidder unopened.
Martha See, Secretary
Board of Education
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