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 Program
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 May 1, 2007 those limits are as follows:
Income Limits |
Maxium Family Income |
| Non-Targeted Areas: |
| Families of 2 or fewer persons |
$59,285 |
| Families of 3 or fewer persons |
$68,177 |
| Targeted Areas: |
| Families of 2 or fewer persons |
$65,880 |
| Families of 3 or fewer persons |
$76,860 |
Purchase Price Limits |
One Unit |
Two Unit |
| Non-Targeted Areas: |
$284,032 |
$319,914 |
| Targeted Areas: |
$347,151 |
$391,006 |
Targeted Areas.Whether or not your potential home purchase is in a Targeted Area can be determined by FHR, as noted below.
Current Programs.The Authority currently has one open MCC Program which will expire December 31, 2008. The Authority’s 2007 MCC Program will begin October 31, 2007 and will expire December 31, 2009. Both MCC Programs offer 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)
2008 Single Family Mortgage Bond Program
Joint Single Family Mortgage Revenue Bonds, Series 2008A – Issued Jointly with The Industrial Development Authority of the City of Tucson, Arizona. Lendable Proceeds: $30,000,000. Second Loans are available on a first come first served basis.
Program Area – Pima County, including the City of Tucson, Arizona
Date of Issue – January 31, 2008
Trustee – Wells Fargo Bank, N.A.
Participating Lenders
Bank of America, N.A.
Bank of Arizona, N.A.
Cherry Creek Mortgage Co., Inc.
Countrywide Bank, FSB
DHI Mortgage Co., Ltd. (DHI Mortgage Co., G.P., Inc.)
Home American Mortgage Corporation
First Horizon Home Loans (a division of First Tennessee Bank National Association)
First National Bank of Nevada d/b/a First National Bank of Arizona
Guild Mortgage Co.
|
K. Hovnanian American Mortgage, LLC
M&I Marshall & Isley Bank
National Bank of Arizona
National City Mortgage (a Division of National City Bank)
Nova Financial & Investment Corporation d/b/a Nova Home Loans
Southern Arizona Community Bank
Suburban Mortgage, Inc.
Universal American Mortgage Company, LLC
Wells Fargo Bank, NA |
Down Payment Assistance – Up to 7% of the first Mortgage loan amount available as a second lien mortgage loan. Pima County will also provide 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)
Interest Rate – First Mortgage - 5.99%; Second Mortgage – 7%
2007 Single Family Mortgage Bond Program
Joint Single Family Mortgage Revenue Bonds, Series 2007A – Issued Jointly with The Industrial Development Authority of the City of Tucson, Arizona. Lendable Proceeds: $22,500,000 in First Mortgages and $900,000 in Second Mortgages
Program Area – Pima County, including the City of Tucson, Arizona
Date of Issue – January 16, 2007
Trustee – Wells Fargo Bank, N.A.
Participating Lenders
City Bank
Bank of America, N.A.
Cherry Creek Mortgage Co., Inc.
Countrywide Home Loans, Inc.
DHI Mortgage Company, Ltd.
First National Bank of Nevada
First Tennessee Bank, N.A.
Madera Financial
National Bank of Arizona
|
National City Mortgage
Nova Home Loans
Suburban Mortgage, Inc.
Universal American Mortgage Co.
Wallick & Volk
Washington Mutual Bank
Wells Fargo Bank Home Mortgage |
Down Payment Assistance – Up to 7% of the first Mortgage loan amount available as a second lien mortgage loan. Pima County will also provide 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)
Interest Rate – First Mortgage - 5.97%; Second Mortgage – 7%
Joint Single Family Mortgage Revenue Bonds, Series 2007B – Issued Jointly with The Industrial Development Authority of the City of Tucson, Arizona. Lendable Proceeds: $30,000,000 in First Mortgages. There remains monies available for Second Mortgages from the IDA’s prior Series 2006 Program and Series 2007A Program. For information contact a Participating Lender.
Program Area – Pima County, including the City of Tucson, Arizona
Date of Issue – June 26, 2007
Trustee – Wells Fargo Bank, N.A.
Participating Lenders
Cherry Creek Mortgage Co., Inc.
Countrywide Home Loans, Inc.
DHI Mortgage Company, Ltd.
First National Bank of Nevada
First Tennessee Bank, N.A.
Madera Financial
|
National Bank of Arizona
Nova Home Loans
Suburban Mortgage, Inc.
Universal American Mortgage Co.
Washington Mutual Bank
Wells Fargo Bank Home Mortgage |
Down Payment Assistance – Up to 7% of the first mortgage loan amount available as a second lien mortgage loan. Pima County will also provide 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)
Interest Rate – First Mortgage – 6.15%; Second Mortgage – 7%
