IHDA MCC Tax Credit Helps Illinois First Time Home Buyers!
Thinking about buying a new home? Did you miss the deadline for the $8,000 homebuyer tax credit that required a sales contract by April 30, 2010? Well, the Illinois Housing and Development Authority (IHDA) may have a solution for you that surpasses the home buyer tax credit which expired at the end of April.
The MCC (Mortgage Credit Certificate) tax credit allows a qualified first time homebuyer to use 20% of their annual mortgage interest as a dollar for dollar tax credit up to $2,000 annually. To qualify, a buyer must meet IHDA’s posted income limitations based on household size.
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