Single Family Revenue Bond
The Housing Finance Authority of Broward County has launched a Mortgage Credit Certificate (MCC) program to help reduce home loan financing costs for qualified homeowners in Broward County.
The MCC program entitles qualified applicants to a federal income tax credit in an amount of up to $2,000 annually. This enables qualified owners or buyers, who owe federal income taxes, to benefit from a dollar-for-dollar reduction of their tax bills. Additionally, the homeowner will continue to receive the tax credit each year they continue to live in the home financed under the MCC program.
The MCC program is not a mortgage; however, it may be used in conjunction with a first mortgage from a participating lender (except a mortgage revenue bond loan.) Borrowers must meet standard mortgage underwriting requirements, which demonstrate credit worthiness, and meet the MCC program's income and home purchase price requirements.
New Loan Requirements
An MCC cannot be issued in conjunction with the acquisition or replacement of an existing loan or mortgage; however, an MCC can be used in conjunction with the replacement of construction period loans or bridge loans of a temporary nature. Construction period or bridge loans must be for no longer than 24 months.
Read the Frequently Asked Questions for more program details.
Housing Finance Authority of Broward County, 954-357-4900