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Does SONYMA issue Mortgage Credit Certificates (MCCs) to qualified homeowners?

April 26, 2017certificates credit homeowners ISSUE MCCS mortgage qualified sonyma

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Does SONYMA issue Mortgage Credit Certificates (MCCs) to qualified homeowners?

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No, SONYMA does not issue MCCs. Some states elect to issue MCCs instead of issuing tax-exempt Mortgage Revenue Bonds (MRBs). By issuing MRBs, SONYMA provides qualified applicants with a direct benefit by offering below-market fixed interest rate mortgage loans. The below-market interest rate results directly in lower monthly mortgage payments to eligible applicants. With MCCs, a qualified applicant receives conventional interest rate financing, but is permitted to take an annual credit on his or her Federal income tax returns.