A MCC is a tax credit that reduces your federal tax liability. You receive a tax credit for 40% (up to $2,000) of your annual mortgage interest payment each year for as long as you own and remain in the house purchased.
|x 4%||Interest Rate|
|$ 5,000.00||Interest paid 1st year|
|x 40%||MCC Credit Rate|
|$ 2,000.00||Tax Credit|
Mortgage Credit Certificate Rate : 40% (not to exceed $2,000/year)
Mortgage Credit Certificates are available to first-time homebuyers unless property is in a targeted area (Click to view map), or loan is a qualified home improvement loan. The MCC Administrator will not underwrite the loans. Lenders will process the underlying mortgages using standard procedures, with adjustments to those procedures, as needed, in order to satisfy MCC requirements.
Household Income Limit
|Size of Household||Non-Targeted Area||Target Area|
|1 to 2 persons||$59,800||$71,760|
|3 or more persons||$68,770||$83,720|
|Purchase Price Limits|
|Property Type||Non-Targeted Area||Target Area|
Lenders are to fax the 1003, signed purchase contract (with addendums), and 3 years Federal Tax Returns to Advantage Housing Services at 520-624-1728 (attn: MCC Program Administrator)
The Lender can charge an Applicant only those reasonable fees that would be charged to a client applying for a mortgage without an MCC.
Advantage Housing Services LLC (“AHS”) is Program Administrator. AHS will process applications and issue MCC’s. Questions regarding the Program should be directed to the Program Administrator at:Advantage Housing Services, LLC
Tucson, AZ 85711