Frequently Asked Questions
What functions does the Treasurer’s Office serve?
The City Treasurer has three main functions:
- The City Treasurer is the Chief Investment Officer for the City and is responsible for managing the City’s $7 billion investment portfolio.
- The City Treasurer is responsible for maintaining all records and accounts associated with the City’s operating funds as well as the escrow accounts held with various trustee banks.
- The Municipal code has authorized the City Treasurer to research, conduct educational programs, provide counseling and disseminate information regarding financial education, provide small business support, and provide access to banking for residents of the city.
How does the Treasurer decide where to invest the City’s money?
The City Treasurer’s Office is limited to several types of safe investments by City ordinance. Additionally, the City’s investment objectives are: 1. safety of principal, 2. liquidity and 3. return on investment. The Office balances all of these considerations and selects the best possible investments for the City of Chicago.
Is the City Treasurer elected?
Yes, the City Treasurer is one of three citywide elected officials including the Mayor and the City Clerk.
Do you work with any community banks?
Yes, visit the Small Business Loan Program – Participating Banks page to get a list of the banks that are participating in the Small Business Loan Program.
What should I do to avoid losing my home to foreclosure?
If you are having trouble keeping up with your mortgage payments or have you received a notice from your lender asking you to contact them, follow this advise:
- Don’t ignore the letters from your lender – The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
- Contact your lender immediately – Lenders do not want your house. They have options to help borrowers through difficult financial times.
- Contact a HUD approved agencies listed for assistance – The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance.
Here is a copy of the City Treasurer’s list of HUD approved agencies, contact one of the approved agencies listed for assistance.
Whom should I call if I am a victim of predatory lending?
Contact any of the following:
- The City of Chicago Consumer Fraud Hotline (Chicago), 800-386-5438
- The Legal Assistance Foundation of Chicago, 312-341-1070
- The Illinois Attorney General, Consumer Protection Division, Consumer Fraud Hotline (Chicago), 800-386-5438
What is the difference between a prime loan and a sub-prime loan?
A Prime Loan refers to a loan satisfying the minimal requirements set by government-subsidized agencies. The interest rates are usually low. A sub-prime loan is provided by financial institutions to borrowers that are riskier than those eligible for prime loans. It is generally accompanied by higher interest rate charges.
Do I pay my property taxes at the City Treasurer’s Office?
No, property taxes are paid at the Cook County Treasurer’s Office.