Mortgage Credit Certificate Program Long Beach

The Mortgage Credit Certificate Program, authorized by Congress in the Tax Reform Act of 1984, is an alternative to mortgage revenue bond-backed financing as a means of providing financial assistance for the purchase of single-family housing. In 1985, the State adopted legislation authorizing local agencies to make Mortgage Credit Certificates (MCC's) available in California. This program is designed primarily to benefit first-time homebuyers. Unless the CDC provides notice, MCC's may not be issued for loans outside the incorporated areas.

Mortgage Credit Certificate Programs authorize the holder to take a federal income tax credit. A qualified applicant who is awarded an MCC may take an annual credit against federal income taxes of up to fifteen percent (15%) of the annual interest paid on the applicant's mortgage. The value of the MCC must be taken into consideration by the mortgage lender in underwriting the loan and may be used to adjust the borrower's federal income tax withholding.

To learn more about the Mortgage Credit Certificate Program Download the Program Flier.

For more information about qualifying for a Mortgage Credit Certificate call 21st Century Home Loan at (562) 984-6280.