Denver First Time Home Buyer Tax Credit Program

Home Buyer Assistance: Mortgage Credit Certificate Program

The City and County of Denver 2009 Mortgage Credit Certificate (MCC) program allows qualifying borrowers to receive an annual federal income tax credit equal to 25% of the yearly interest they pay on their mortgage loan. The tax credit allows a taxpayer to subtract the amount of the credit from their annual total federal income taxes. Borrowers may choose to adjust their W-4 withholding to account for the tax-credit benefit and receive a higher net monthly income. Any excess credit from the MCC may be carried forward for up to three subsequent tax years.

Program Period

April 22, 2009 through December 31, 2011.

Eligible Mortgagors

First-time homebuyers (cannot have owned a home in the past three years). Need not be a first-time homebuyer in targeted areas and for eligible refinancing.

Maximum Home Income

	Non-Targeted	Targeted
Families of 2 or fewer	$ 91,200	$ 91,200
Families of 3 or more	$106,260	$106,260

Maximum Home Cost

	Non-Targeted	Targeted
1-Family Residence	$365,635	$446,875

Eligible Loans

Terms and interest rate of the mortgage loan are set by the lender, though must be fixed-rate.

Targeted Areas

Maximum family incomes and home costs are allowed to be higher in targeted areas. Please visit the MCC tab at www.milehigh.com/housing for a map of target areas.