We are now participating in Mortgage Credit Certificate (MCC) Program. WHAT IS IT? A Florida Housing Mortgage Credit Certificate (MCC) allows the homebuyer to claim a tax credit for 50% of the mortgage interest paid per year, capped at $2000 annually. It is a dollar-for-dollar reduction against their federal tax liability. WHO IS ELIGIBLE? This program is open to individuals, families and eligible veterans* who: • are first time homebuyers (have not owned a home as a primary residence within the past three (3) years); • meet income and home purchase price limits; • meet the qualifying requirements of a mortgage loan; • will use the home as their primary residence. DOES IT EXPIRE? Qualified homeowners may claim this tax credit as long as the home remains their principal residence and interest is being paid on the mortgage. The MCC will only expire if the home is sold or is no longer used as the primary residence of the homeowner. If sold within the first nine years the homeowner may be subject to the Federal Recapture Tax. HOW MUCH OF A TAX CREDIT CAN BE CLAIMED? The size of the annual tax credit will be 50% of the annual interest paid on the mortgage loan. The credit cannot be larger than the annual federal income tax liability, after all other credits and deductions have been taken into account. For more information visit floridahousing.org/MCC. Best always, Adam R. Cohn
Posted on: Wed, 25 Sep 2013 23:10:53 +0000
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