This program provides first-time homebuyers with a federal income tax credit which increases their ability to qualify for a mortgage. The amount of the tax credit is equal to 10% or 15% of the homebuyer’s annual mortgage interest paid. The credit is taken annually as a dollar-for-dollar credit against the homeowner’s federal income tax liability. The annual tax credit is 15% for homes purchased within an MCC Target Area and 10% for homes purchased outside the Target Area.
The program income limit is $83,160 for a household of 1-2 persons, and $97,020 for a household of 3 or more persons. Other criteria and restrictions apply. MCC applications are available only from lenders participating in the program. This program is administered by the Los Angeles County Community Development Commission.
To view the City of Pasadena’s website, please CLICK HERE
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