Arlington Housing Authority Mortgage Credit Certificate (MCC)
Arlington Housing Authority Mortgage Credit Certificate (MCC)
Program Details
Buyer contribution type
Income calc method
First mortgage types
Freddie Mac,Freddie Mac Home Possible,Fannie Mae,FHA 203(b),FHA 203(k),VA,USDA / RD
First mortgage terms
Fully Amortizing,Fixed Rate,15-year,20-year,25-year,30-year,40-year,ARM,Interest-only,Balloon
Property types
Single Family Detached, Condo, Co-Op, Manufactured Home
Repayment triggers
Loan Forgiveness
No
Program Guide
https://cdn5-hosted.civiclive.com/UserFiles/Servers/Server_14481062/File/City%20Hall/Depts/Housing%20Authority/More%20Info/AHFC/Advancing_the_Dream_of_Homeownership(Flyer).pdfProgram Summary:
https://www.arlingtontx.gov/UserFiles/Servers/Server_14481062/File/City%20Hall/Depts/Housing%20Authority/More%20Info/AHFC/MCC_Invitation_to_Participate-Program_Summary_Lender_Participant_Agreement.pdfLimitations
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) can be combined.
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.
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) can be combined.
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.
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