Certificate (MCC) is an IRS-approved tax credit which reduces a home buyers’ federal income tax liability as long as they have the loan, continuously occupy the home as their
, have a tax liability, and utilize the MCC when their taxes are filed with the IRS. The program is available to eligible first-time homebuyers (income restrictions apply). The tax credit helps homebuyers increase their disposable income by decreasing their annual Federal tax liability which helps offset part of the monthly housing payment. The maximum amount of the MCC tax credit equals 20 percent of the annual mortgage interest paid on the home loan. The MCC is available to qualified
first-time home buyers
who purchase in the State of Washington and within the city limits of Portland, Oregon.