Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program

What is Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program is a mortgage credit certificate for homebuyers in Arizona, administered by Arizona Industrial Development Authority (Arizona IDA), issued statewide by Community Investment Corporation (CIC Tucson).

• The Arizona statewide Mortgage Credit Certificate program provides first-time homebuyers and veterans a federal income tax credit on a portion of their annual mortgage interest, reducing federal income tax owed each year the home is owned and occupied. The credit (up to 50% of annual mortgage interest, capped at $2,000 per year) can also be used by the lender to gross up qualifying income and improve debt-to-income ratios. The MCC is offered by the Arizona Industrial Development Authority and all certificates are issued statewide by Community Investment Corporation (CIC Tucson). It can be combined with the HOME Plus DPA program but cannot be combined with the Arizona Is Home program.
• Funding comes from Federal mortgage credit certificate allocation administered by the Arizona Industrial Development Authority.

How much assistance does it provide?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program offers up to $2,000 in assistance.

• The program can be combined with HOME Plus DPA (not Arizona Is Home).
• Amounts are the program's published maximums, not an offer — Arizona Industrial Development Authority (Arizona IDA), issued statewide by Community Investment Corporation (CIC Tucson) determines any individual award.

Do you have to pay it back?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program is a tax credit rather than a loan, so there is nothing to repay.

• Repayment is triggered by Certificate cancelled if home ceases to be the borrower's primary residence; no repayment of credit otherwise.
• The assistance is recorded in Not applicable (tax credit, no lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program sets its income limit as follows: Income limits apply and vary by county; limits could be lower than the selected DPA program income limits (specific statewide table not published on the program page).

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program caps the purchase price as follows: Purchase price limits apply and vary by county.

• Eligible property types include Single-family detached, Condominium, Townhouse, and Manufactured housing.

Is there eligibility for specific groups?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program names veterans among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program serves buyers purchasing anywhere in Arizona.

• The program targets specific areas: Designated targeted areas waive the first-time-buyer requirement and may have higher limits (vary by county).

How do you apply?

Applications for Arizona IDA Statewide Mortgage Credit Certificate (MCC) Program go through Arizona Industrial Development Authority (Arizona IDA), issued statewide by Community Investment Corporation (CIC Tucson), which publishes the current terms and the application steps on its own site.

1. 1

   Contact Arizona Industrial Development Authority (Arizona IDA), issued statewide by Community Investment Corporation (CIC Tucson) to reserve funds

   Funds are reserved through Applied for through a participating HOME Plus / Arizona IDA lender prior to closing; certificates issued by CIC., and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.