Tucson IDA Increases Limits for Mortgage Credit Certificate Program

The Tucson Industrial Development Authority (TIDA) has increased the household income limits and purchase price limits for its Mortgage Credit Certificate (MCC) Program. The increase makes more people eligible for the program, which is designed to reduce a first-time homebuyer’s federal income tax bill by providing an annual dollar-for-dollar federal tax credit of 40 percent of the mortgage interest paid, up to $2,000.

Homebuyers must apply and be approved for the MCC Program before closing on their mortgage. Homeowners receive the tax benefit every year until they move or sell the home. Non-first-time homebuyers purchasing in designated target areas may also qualify if they are purchasing their primary residence.

For more information, call (520) 882-5591, ext. 126, email Karen Valdez at kvaldez@bdfc.com.