Limiting Features of MCCs

As with many government programs, not everyone qualifies for an MCC. In some cities you must earn less than $50,000 or $60,000 a year and buy a house priced at less than $250,000. (These figures are illustrative only. Each sponsoring government agency sets its own figures.)

Just like mortgage bond loans, MCCs come and go. "The clock is ticking for Chicago's mortgage credit certificate program, which encourages home ownership for working class people by slicing their tax bill to Uncle Sam," advised T.J. Becker in the Chicago Tribune. "The current program expires on New Year's Eve." Fortunately for Chicagoans, shortly after that MCC plan ended, the city started a new one. But it, too, will run out. So to save $1,000s and stretch your buying power, act now. If an MCC is available, don't delay. Your area's MCC program may expire shortly. If not available now but as a coming attraction, put your name on the list so you'll stand near the front of the line when these tax credits next become available.

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