CalHFA Program
Bulletin 2017-13 announced some updated guidelines to the CalHFA MCC Tax Credit Program due to the uncertain outcome of the proposed federal tax reform bill; please see below for a reminder of important dates affected by these updated guidelines:
- Effective Friday, November 17, 2017, a Mortgage Credit Certificate (MCC) may not be used for credit qualifying purpose for any CalHFA first mortgage loan.
- Lenders may continue to reserve MCCs for non-credit qualifying purposes, but be mindful of the December 18, 2017 deadline.
- It is the lender's responsibility to ensure that ALL loans must be closed AND the complete MCC package must be submitted AND cleared of deficiencies by eHousingPlus on or prior to December 18, 2017 so MCC certificates may be issued prior to year-end. There is no guarantee that MCC certificates can be issued for any MCC package not meeting the deadline.
- CalHFA first mortgage loans in which an MCC was used for credit qualifying purposes that have not closed by December 18, 2017 AND fail to meet the above deadline may be subject to re-underwriting and requalifying without the MCC
Due to the uncertain outcome of the Tax Reform Legislation, CalHFA will not obtain any additional allocation for MCCs in the future. Please see the eHousingPlus system for remaining availability figures for CalHFA's MCC program.
