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None at this time.
The Texas Foundations Fund Disaster Recovery Draft Guidelines are now available for public comment. A copy of the Draft Guidelines may be found by clicking on the link below.
FY2023 Texas Foundations Fund Disaster Recovery Draft Guidelines
Please submit public comment via email to Michael Wilt at [email protected] with the subject line ‘Texas Foundations Fund Disaster Recovery Public Comment’. Public comment must be submitted for consideration by October 28, 2022 at 5:00 p.m.
The Texas State Affordable Housing Corporation (the “Corporation”), a nonprofit corporation organized under the laws of the State of Texas, is implementing a qualified mortgage credit certificate program (the “Program”) within the State of Texas (the “Program Area”) to assist eligible purchasers. A Mortgage Credit Certificate (“MCC”) is an instrument designed to assist persons better afford home ownership. The MCC Program allows first-time homebuyers an annual federal income tax credit equal to the 20% credit rate for the MCC multiplied by the amount of interest paid by the holder on a home mortgage loan during each year that they occupy the home as their principal residence.
An eligible purchaser of a residence located within the Program Area may apply to the Corporation for an MCC through a participating lender of his or her choice at the time of purchasing a principal residence and obtaining a mortgage loan from a participating lender.
To be an eligible purchaser to receive an MCC, a purchaser must meet the following criteria:
Anyone receiving an MCC and selling his or her residence within nine years of the issuance of the MCC may be required to return all or a portion of the tax credit received in connection therewith to the Internal Revenue Service.
To defray the costs of implementing the Program, the Corporation will charge applicants a compliance fee, plus an MCC issuance fee.
The Corporation strongly encourages anyone who believes that he or she qualifies for an MCC to apply at the offices of a participating lender. For more information regarding the Program and its restrictions, including a list of current participating lenders, please contact Joniel LeVecque, Homeownership Programs Director, at (512) 477-3561 or by email at [email protected].
For a copy of the IRMA letter, click here.
