First-Time Homebuyers May Qualify for Tax Credit Up to $2,000 Annually Through Program
By Office of Communication
Posted on September 06, 2019, September 06, 2019

The MCC Program provides applicants with a 30 percent tax credit on mortgage interest paid as long as they live in the home being purchased. The credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit for homebuyers. Buyers purchasing homes in the City of Arlington now have access to a Mortgage Credit Certificate (MCC) Program. Sponsored by the Arlington Housing Finance Corporation (HFC), the MCC provides an annual, non-refundable tax credit based on the lesser of $2,000 or 30 percent of the interest paid each year on the mortgage of a family that purchases a home in the City of Arlington.

“This is a wonderful opportunity for home buyers living in Arlington.” said Victoria Farrar-Myers, officer of the AHFC. “Homeownership is the dream of many Americans, and that dream is more attainable with the benefits provided by the Mortgage Credit Certificate Program.”

The MCC Program provides applicants with a 30 percent tax credit on mortgage interest paid as long as they live in the home being purchased. The credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit for homebuyers.

Participation is restricted to a maximum household income of $85,029 for families of two or less and $97,794 for families of three or more when purchasing a home in a non-targeted area. The income limits are $91,200 and $106,400, respectively, when purchasing a home in a targeted area. Maximum home purchase price cannot exceed $356,046 for non-targeted areas and $435,167 for targeted areas.

To qualify for the program, homebuyers must sign up for the MCC Program during the mortgage application process through a participating lender.

Participation in the Arlington HFC MCC Program is limited to a set time period and funds are available on a first-come, first-served basis.

Please click here to find more information about the Arlington Housing Finance Corporation Mortgage Credit Certificate Program.

Champion Great Neighborhoods, Arlington Housing Authority
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