Community Corner
Arlington Housing Finance Corporation Announces Additional Assistance To Help Residents Achieve Homeownership Dreams
This credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit for homebuyers.
November 19, 2020
The Arlington Housing Finance Corporation announces that it is adding $7,500 in down payment and closing costs assistance that can be used with the Mortgage Credit Certificate Program for eligible first-time homebuyers in The American Dream City.
Find out what's happening in Arlingtonfor free with the latest updates from Patch.
The Mortgage Credit Certificate program provides a federal income tax credit equal to 30% of the annual interest paid on a home mortgage, up to a maximum of $2,000 a year, for as long as the person lives in the home being purchased. This credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit for homebuyers.
Participation is restricted to a maximum household income of $85,029 for families of two or less and $97,784 for families of three or more when purchasing a home in a non-targeted area. The income limits are $91,200 and $106,400, respectively, when purchasing a home in a targeted area. Maximum home purchase price cannot exceed $356,046 for non-targeted areas and $435,167 for targeted areas.
Find out what's happening in Arlingtonfor free with the latest updates from Patch.
To qualify for the program, homebuyers must sign up for the MCC Program during the mortgage application process through a participating lender.
Residents who qualify for the Mortgage Credit Certificate Program may also qualify for the Down Payment Assistance Program, which provides eligible first-time homebuyers and those who haven’t owned a home in the past three years with down payment and closing cost assistance. The assistance is a non-forgivable second lien in the amount of $7,500 per qualifying household. Repayment is due upon maturity, sale, transfer or refinancing. This program is optional but only available in conjunction with the Mortgatge Credit Certificate Program.
Participation in the Arlington HFC MCC Program is limited to a set time period and funds are available on a first-come, first-served basis.
Please click here to find more information about the Arlington Housing Finance Corporation Mortgage Credit Certificate Program and Down Payment Assistance Program.
This press release was produced by the City of Arlington. The views expressed here are the author’s own.
