The Pima IDA offers its Mortgage Credit Certificate Programs (“MCC”) which provide assistance to those persons who meet certain income requirements to finance their home purchase (generally, this is limited to a first time home purchase, unless the home is in a Targeted Area or if the veteran exception applies). Participants in the MCC Program are given tax credits that reduce their federal tax liability. MCC’s cannot be used in conjunction with any mortgage revenue bond programs or with any veteran bond loans.
The Program Area for the Pima IDA’s 2020 MCC Programs are all of Pima County and the State of Arizona (except Maricopa County).
The Program Area for the Pima IDA’s 2021 MCC Program (which starts June 20, 2021) is all of Pima County and the State of Arizona (except for Maricopa County).
The types of properties eligible include new or previously occupied single-family homes including detached homes, manufactured housing, condominiums, duplexes or townhouses.
Applicants for the MCC Program must meet certain requirements including:
- Applicant must be a first-time homebuyer if the MCC is being used to finance the purchase of a home. This requirement does not apply to a qualified home improvement or qualified rehabilitation loan;
- Ownership of a home three years prior to an application for an MCC will disqualify the applicant as a first-time homebuyer (other than in a Targeted Area or if the veteran exception applies);
- Applicant must intend to occupy the property being purchased.
Income Limits
Non-Targeted Areas | Pima County and the Rest of Arizona * | Coconino | Maricopa | Pinal |
|---|---|---|---|---|
Families of 2 or fewer persons | $73,200.00 | $76,800.00 | $79,000.00 | $79,000.00 |
Families of 3 or more persons | $84,180.00 | $88,320.00 | $90,850.00 | $90,850.00 |
Targeted Areas | Pima County and the Rest of Arizona * | Coconino | Maricopa | Pinal |
|---|---|---|---|---|
Families of 2 or fewer persons | $87,840.00 | $92,160.00 | $94,800.00 | $94,800.00 |
Families of 3 or more persons | $102,480.00 | $107,520.00 | $110,600.00 | $110,600.00 |
Purchase Price Limits
Non-Targeted Areas | Pima County and the Rest of Arizona * | Coconino | Maricopa | Pinal |
|---|---|---|---|---|
One Unit | $311,979.00 | $341,296.00 | $322,167.00 | $322,167.00 |
Two Units | $399,448.00 | $436,896.00 | $412,427.00 | $412,427.00 |
Targeted Areas | Pima County and the Rest of Arizona * | Coconino | Maricopa | Pinal |
|---|---|---|---|---|
One Unit | $381,308.00 | $417,139.00 | $393,760.00 | $393,760.00 |
Two Units | $488,215.00 | $533,984.00 | $504,078.00 | $504,078.00 |
*This column applies to those living in Arizona counties other than Coconino, Maricopa and Pinal.
Whether or not your potential home purchase is in a Targeted Area can be determined by Community Investment Corporation, as noted below.
The Pima IDA’s MCC Programs are administered by Community Investment Corporation (“CIC”).
The Pima IDA’s 2020 MCC Program began on June 15, 2020 and will expire December 31, 2022.
The Pima IDA’s 2021 MCC Program began on June 20, 2021 and will expire December 31, 2023.
All Pima MCC Programs offer a 40% tax credit.
