The Authority has created the following programs for eligible applicants who are interested in single-family dwelling units. Please contact the lenders listed below for information and eligibility, including the outstanding and available amount of mortgage monies in any program.
Mortgage Credit Certificate Programs
Overview: The Industrial Development Authority of the County of Pima (the “Authority”) offers its Mortgage Credit Certificate Programs (“MCC”) which provide assistance to those persons who meet certain income requirements to finance their home purchase (generally, this is limited to a first time home purchase, unless the home is in a Targeted Area). Participants in the MCC Program are given tax credits that reduce their federal tax liability. MCC’s cannot be used in conjunction with any mortgage revenue bond programs or with any veteran bond loans.
Program Area. The Program Area for the Authority’s current MCC Programs is all of Pima County, excluding the City of Tucson.
Eligible Properties. The types of properties eligible include new or previously occupied single-family homes including detached homes, manufactured housing, condominiums, duplexes or townhouses.
Applicant Requirements. Applicants for the MCC Program must meet certain requirements including:
- Applicant must be a first-time homebuyer if the MCC is being used to finance the purchase of a home. This requirement does not apply to a qualified home improvement or qualified rehabilitation loan;
- Ownership of a home three years prior to an application for an MCC will disqualify the applicant as a first-time homebuyer;
- Applicant must intend to occupy the property being purchased.
There are certain purchase price limits and income limits which must be met as well. As of August 5, 2010 those limits are as follows:
Income Limits |
Maxium Family Income |
| Non-Targeted Areas: |
| Families of 2 or fewer persons |
$70,800 |
| Families of 3 or more persons |
$82,600 |
| Targeted Areas:
|
| Families of 2 or fewer persons |
$73,800 |
| Families of 3 or more persons |
$86,100 |
*As of August 5, 2010, the purchase price limits are as follows:
Purchase Price Limits |
One Unit |
Two Unit |
| Non-Targeted Areas: |
$284,625 |
$364,365 |
| Targeted Areas: |
$347,485 |
$445,335 |
Targeted Areas.Whether or not your potential home purchase is in a Targeted Area can be determined by FHR, as noted below.
Current Program.The Authority’s 2010 MCC Program began January 28,2010 and will expire December 31, 2012. This MCC Program offers a 20% tax credit.
Program Administration. The Authority’s MCC Program is administered by Family Housing Resources, Inc. (“FHR”).
Questions regarding the MCC Program should be directed to:
Family Housing Resources, Inc.
1700 E. Fort Lowell, Suite 101
Tucson, AZ 85719
520-318-0993
or
1-800-MCC-Pima (1-800-622-7462)
2009 Single Family Mortgage Bond Program
Single Family Mortgage Revenue Bonds, Series 2009 –Lendable Proceeds: $25,000,000.
Program operates jointly with The Industrial Development Authority of the City of Tucson, Arizona
Program Area – Pima County, including the City of Tucson, Arizona
Date of Issue – December 30, 2009
Applicant Requirements – See above under Mortgage Credit Certificate Programs.
Trustee – Wells Fargo Bank, N.A.
Participating Lenders
Bank of America
Chase
K Hovnanian American Mortgage
National Bank of Arizona
Nova
Peoples
Prospect
Suburban
Sunstreet
Universal American Mortgage Corporation |
Waterstone
Wells Fargo |
Down Payment Assistance – Pima County and the City of Tucson have provided HOME funds to borrowers with low annual incomes meeting certain requirements (Contact Family Housing Resources, Inc. for information on HOME Funds, 1-800-622-7462). There are additional monies available in association with the County's NSP2 grant, limited by location, amount and foreclosure status.
Interest Rate – First Mortgage - 4.25%
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