Mortgage Credit Certificate Program

Mortgage Credit Certificate Program

SANTA BARBARA COUNTY MORTGAGE CREDIT CERTIFICATE PROGRAM
The Mortgage Credit Certificate (MCC) Program is being offered to eligible first time homebuyers purchasing a home within Santa Barbara County. The MCC Program is being sponsored and administered by the Housing Authority of the County of Santa Barbara in conjunction with participating mortgage lenders in Santa Barbara County.

The MCC Program is a means of providing financial assistance to first-time homebuyers by allowing those homebuyers to take a specified percentage of annual mortgage interest payments as a tax credit (usually 20%) against their Federal personal income tax. The MCCs are used for the purchase of new or existing housing located within participating jurisdictions in Santa Barbara County.

Among other requirements, eligibility is restricted to:

	Persons who have not owned a "principal residence" within the past three years (does not apply in designated Target Areas);
	Purchase of a residence for occupancy by owner, not for rental or reinvestment;
	New or existing homes with a purchase price that does not exceed $343,799 ($420,198 in Target Areas);
	New first mortgages only (no assumed or subordinated mortgages);
	Total household income not to exceed 100% of median income ($64,700) for one and two person households ($77,640 in Target Areas). For households of three or more, maximum household income cannot exceed $74,405, which is 115% of median income ($89,286 in Target Areas).

The Housing Authority also sets aside 20% of the MCC allocation for Target Areas and 40% of the allocation for households at 80% of applicable median income or below (i.e. $51,760).

Additional information regarding eligibility requirements and program procedures are available from the Housing Authority of the County of Santa Barbara, 815 West Ocean Avenue, Lompoc. Telephone (805) 736-3423.