conditions for reissuance
All RMCCs must meet the following criteria:
• The original MCC was issued by the County of Santa Clara as the program administrator.
• The RMCC is issued in the name of the original MCC holder(s), except only for reason of death or divorce, in which case a copy of the Death Certificate or Divorce Decree must be provided to the County.
• The borrower currently owns the property for which the borrower was originally issued an MCC.
• Said property is the borrower’s principal residence.
• The new Certified Indebtedness Amount (the portion of the loan on which the interest for the tax credit is calculated) of the RMCC cannot exceed the lesser of either the amortized Certified Indebtedness Amount of the original loan for which a CHFA MCC was issued or the new refinanced loan amount.
• The expiration date of the RMCC will be the earlier of either the original Mortgage Credit Certificate expiration date or the refinance mortgage loan maturity date.
• The tax credit rate on the RMCC cannot exceed the tax credit rate of the original MCC.
• There is no requalification of borrower eligibility in terms of income, purchase price, or household size.
• The borrower is not restricted as to which Lender to use to refinance the first mortgage loan, except the borrower cannot receive a personal loan from the Lender.
• The borrower cannot use both the original MCC and new RMCC.
• The borrower will deal directly with the County to receive a RMCC, not the mortgage Lender.
• If there have been multiple refinances, the County will amortize the original Certified Indebtedness Amount based on the original loan note interest rate to determine the RMCC Certified Indebtedness Amount.
For More Information Please Contact:
Office of Supportive Housing
3180 Newberry Drive, Suite 150
San Jose, CA 95118
Phone: (408) 793-0557