What is the Florida Housing MCC Tax Credit?

Florida Housing’s Mortgage Credit Certificate Program offers eligible first time homebuyers a nonrefundable Federal income tax credit which can be utilized with a lender's first mortgage loan. The MCC reduces an eligible borrower’s federal income taxes creating additional income for the borrower to use in making mortgage payments or other household expenses. Florida Housing’s Program currently offers a tax credit amount ranging from 10% up to 30%*, and is based on loan amount. Homeowners with the MCC are allowed to use a percentage of their actual mortgage interest* as a direct federal tax credit, resulting in a dollar –for-dollar reduction of their annual federal income tax liability. Florida residents are eligible to participate in the program based on eligibility requirements as outlined in Florida Housing’s Lender Guide. These requirements include being a first time homebuyer, the purchase price of the residence and the total household income. For specific information, please contact a participating lender and speak with a loan officer from the list of approved loan officers listed below. They will be able to determine if you qualify to participate in the Mortgage Credit Certificate Program and can assist you with any questions you may have specific to your situation.

*A $2,000 cap credit applies for a credit that exceeds 20%. Please speak with your lender for additional details.