Mortgage Credit Certificates (MCCs)

	CHFA Mortgage Credit Certificate Program (MCC)

	The CHFA Mortgage Credit Certificate (MCC) program will help you save money each year that you live in your home! With the MCC program you can claim up to 20 percent of your paid mortgage interest each year as a tax credit on your federal IRS tax returns. The remaining 80 percent is still eligible for the home mortgage interest deduction. Every year, you may claim a dollar-for-dollar reduction of income tax liability on 20 percent of the mortgage interest on your first mortgage, reducing the amount of federal taxes owed. Use the MCC program in one of two ways – which is right for you? The CHFA MCC program is for first time homebuyers purchasing a home or for the qualified refinance of an adjustable rate mortgage loan made after December 31, 2001, and before January 1, 2008. Remember, the CHFA MCC can be used with a CHFA First Mortgage Loan, or the MCC can be issued in conjunction with certain other first mortgage loans independent of CHFA. These programs have income and purchase price limits. Certain targeted areas have different income and purchase price limits. These areas are determined by census tract. To learn more, please visit our Census Tract Search page. You could be subject to the Federal Recapture Tax if and when you sell your home.

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Use the MCC program in one of two ways – which is right for you?