2018 MCC Maximum Income Limits (Effective September 1, 2018):
|1-2 persons household
|3+ persons household
2018 MCC Maximum Purchase Price Limits:
|Existing (Resale) Property
|New Construction Property
The County does not issue mortgage loans. An eligible homebuyer will go through the normal process of selecting a Realtor, finding a home, and arranging financing with one of the County’s MCC Participating Lenders. The lender will determine the eligibility of the homebuyer and will send the MCC application forms to the County.
MCC Status- Check Back After March 20, 2019, for updated Information on a new MCC Allocation.Recapture Tax:
If a person sells or disposes of a home associated with an MCC during the first nine years from the date of purchase, a part or all of the MCC benefit may be ‘recaptured’. The recapture would lead to an increase in the person’s federal income tax for the year in which the home is sold. However, the recapture applies only if the home is sold at a gain and if the income of the person increases above the maximum income levels for MCC.
For more information on recapture tax refer the following:
Reissued Mortgage Credit Certificate (RMCC) Program
- Notice of potential Recapture Tax (MCC-015)
- Method to compute Recapture Tax (MCC-016)
- IRS Form 8828 Recapture of Mortgage Subsidy
- IRS Form 8828 Instructions
- Adjusted Qualifying Income (AQI) Tables 1994-2016
The RMCC Program Application will be available on this site shortly. Email Tracy.Cunningham@hhs.sccgov.org for more information.