Property must be located within the city limits of Arlington.
Property must remain owner occupied primary residence.
Must have a tax liability to qualify for the MCC tax credit each year; however, if the homebuyer's tax liability is less than the applicable credit then the unused tax credit can be carried over to each of the 3 succeeding taxable years.
The Advancing the Dream downpayment assistance program (DPA) is only permitted with MCC. It cannot be a standalone.
DPA is not forgivable and is due upon maturity, sale, transfer or refinance.
Non-Targeted Area Income limits: 1-2 person $ 85,029; 3+ person: 97,784.
Non Targeted Purchase Price limits: $356,046.
Targeted Area Income limits: 1 - 2 person $91,200; 3+ person: 106,400.
Targeted Area Purchase Price limits: $435,167.
If you sell your home within 9 years a recapture tax could be owed. However, there are several conditions that could exempt it from being owed.