CDLAC Applicant Information

Extra Credit Home Purchase ProgramExtra Credit Home Purchase Program DescriptionState and local governmental agencies and joint powers authorities can issue tax-exempt mortgage revenue bonds MRBs or mortgage credit certificates MCCs to assist teachers, principals and other credentialed school staff to purchase homes. These agencies and authorities may issue MRBs, the proceeds of which back below market interest rate mortgages. As an alternative to issuing MRBs, state and local governmental agencies and joint powers authorities may issue MCCs. Homebuyers use the MCC to reduce their federal tax liability by applying the credit to their net tax due.

via CDLAC Applicant Information.

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