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MCC Phase I Bundle - The County of Santa Clara - sccgov

MCC Phase I Bundle - The County of Santa Clara - sccgov 2025

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The document outlines the Mortgage Credit Certificate (MCC) Program administered by the County of Santa Clara's Office of Affordable Housing. It provides a checklist for applicants to follow during the application process, detailing required documents for both the initial application and final certificate phases. The MCC program aims to assist first-time homebuyers by offering tax credits against federal income taxes. Additionally, it includes information on potential recapture taxes that may apply if the home is sold within nine years of purchase, emphasizing eligibility criteria, income limits, and necessary certifications.

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What is an MCC in a mortgage?

Generally speaking, homebuyers who wish to obtain an MCC must meet certain minimum guidelines: Buyers must not have lived in a home that they owned in the previous three years. Buyers must meet income and purchase price restrictions. Buyers must intend to use the new home as a primary residence.

What qualifies as MCC?

First-time homebuyers: MCC programs are limited to first-time homebuyers (borrowers who have not had an ownership interest in a principal residence in three years).

Does California offer MCC?

Localities and certain state agencies can apply to the California Debt Limit Allocation Committee (CDLAC) for authority to issue Mortgage Credit Certificates (MCC) to low- and moderate-income first-time homebuyers, or to low- and moderate-income families purchasing a home in a federally-defined target area (Qualified

How to get a mortgage credit certificate in California?

Only MCC-approved participating lenders can submit applications. Step 1: Confirm Your Eligibility. Step 2: Verify Income. Step 3: Find a Home Within an Eligible Area. Step 4: Homebuyer Education Seminar. Step 5: Contact a Participating Lender.

What is the first-time home buyer program in Santa Clara County?

Empower Homebuyers SCC is a program of the County of Santa Clara administered by Housing Trust Silicon Valley. It provides down payment assistance loans to first-time homebuyers in the county and is funded by the 2016 Measure A Affordable Housing Bond.

What does MCC stand for in mortgage?

What is the Mortgage Credit Certificate (MCC) Program? The MCC program is a homebuyer assistance program designed to help lower‐income families afford homeownership. The program allows homebuyers to claim a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000.

What is MCC homeowners?

An MCC allows a homeowner to get back a substantial portion of the mortgage interest paid every year. For the GSFA MCC Program, 20% of the annual mortgage interest paid can be taken as a tax credit. The remaining 80% of mortgage interest paid can still be taken as an itemized tax deduction1.

MCC Phase I Bundle - The County of Santa Clara - sccgov 2025

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