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Mortgage Credit Certificate Programs (MCC)
OVERVIEW
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.
PROGRAM AREA
The Program Area for the Pima IDA’s 2019 MCC Programs are all of Pima County.
The Program Area for the Pima IDA’s 2020 MCC Program (which starts June 15, 2020) is the State of Arizona (except for Maricopa County).
ELIGIBLE PROPERTIES
The types of properties eligible include new or previously occupied single-family homes including detached homes, manufactures housing, condominiums, duplexes or townhouses.
APPLICANT REQUIREMENTS
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.
There are certain purchase price limits and income limits which must be met as well. As of June 2, 2020 those limits in Pima County are as follows:
Income Limits | Maximum Family Income |
---|---|
Non-Targeted Areas: | |
Families of 2 or fewer persons | $72,100
|
Families of 3 or more persons | $82,915 |
Targeted Areas: | |
Families of 2 or fewer persons | $86,520
|
Families of 3 or more persons | $100,940 |
*As of June 2, 2020, the purchase price limits in Pima County are as follows:
Purchase Price Limits | One Unit | Two Unit |
---|---|---|
Non-Targeted Areas: | $294,600 | $377,219
|
Targeted Areas: | $360,067 | $461,046 |
TARGETED AREAS
Whether or not your potential home purchase is in a Targeted Area can be determined by Community Investment Corporation, as noted below.
CURRENT PROGRAMS
The Pima IDA’s MCC Programs are administered by Community Investment Corporation (“CIC”). The Pima IDA’s 2018 MCC Program began in June 2018 and will expire December 31, 2020.
The Pima IDA’s 2019 and 2019A MCC Programs began in 2019 and will expire December 31, 2021.
the Pima IDA’s 2020 MCC Program began on June 15, 2020 and will expire December 31, 2022.
All Pima MCC Programs offer a 40% tax credit.