Interested in receiving a $2,000 tax refund at the end of the year? Previously limited to only Nevada rural areas (cities with populations fewer than 150,000 people), the Home at Last Mortgage Credit Certificate program is now available to Nevada’s urban areas. Read the press release below for more details…
FOR IMMEDIATE RELEASE:
New Homeowners in Reno
Could Qualify for $2,000 Annual Tax Refund
With MCC Program
CARSON CITY, NEV (July 21, 2014) – The Nevada Housing Division (NHD) and Nevada Rural Housing Authority (NRHA) have partnered to expand the Home at Last Mortgage Credit Certificate program to the urban areas of Nevada, including Reno, Las Vegas, North Las Vegas and Henderson.
In 2013, nearly 200 families in rural Nevada received tax credit benefits through the Home at Last Mortgage Credit Certificate (MCC) program. With the MCC program, an average homebuyer receives a $2,000 tax refund at the end of the year when the buyer files their taxes, and can be taken every year the borrower lives in the home, for the life of the loan. That’s an average savings of more than $40,000 in mortgage interest over the life of the loan.
Until now, this program has been limited to Nevada cities with populations fewer than 150,000 people, which left out potential homeowners in Nevada’s biggest cities. NHD has allocated $130 million in private activity bond cap to extend the MCC program to the urban areas of Nevada; and anticipates the program will help more than 600 households qualify for a mortgage. NHD will also promote and support the program expansion through its existing relationships and networks.
“When you compare the mission statements of the Nevada Housing Division (NHD) and the Nevada Rural
Housing Authority (NRHA), it’s easy to see why a partnership made sense,” said NRHA Executive Director Gary Longaker. “We’re both committed to improving the quality of life for Nevadans through affordable housing opportunities. This partnership allows us to help even more home buyers throughout the state.”
“The Division is excited to partner with the Nevada Rural Housing Authority to provide the MCC program to veterans and first-time homebuyers in areas of state that did not have access to this program previously,” said Nevada Housing Division Administrator CJ Manthe. “It’s my belief this program will assist individuals and families to qualify for mortgages, which will allow them to live and raise their families here in this great state. Delivering programs like the Mortgage Credit Certificate, along with our First Time Homebuyer program, Teacher’s First Program, and Veteran’s Benefit Program, allows the Housing Division to fulfill our mission of providing affordable housing solutions for all Nevadans. The MCC program is another tool in making owning a home in the State of Nevada a reality.”
To be eligible for the program, one must be a first time homebuyer, meaning they cannot have owned a home in the past three years, and must be purchasing the home as their primary residence, though the first-time homebuyer requirement can be waived for veterans. Households must meet income & purchase price qualifications (varying by county and household size) and normal FHA, VA, Conventional or USDA RD underwriting requirements. Urban area home purchases using the MCC program will be available starting in June. Nevadans can learn more about the MCC program, and get a list of approved lenders, by visiting www.nvrural.org/mcc, emailing HALinfo@nvrural.org.
About the Nevada Housing Division
The Nevada Housing Division was created by the Nevada Legislature in 1975, when it was recognized that a shortage of safe, decent, and sanitary housing existed throughout the State for low- and moderate-income Nevadans. Their mission is to improve quality of life by providing affordable housing opportunities. For more information visit www.housing.nv.gov.
About the Nevada Rural Housing Authority
The Nevada Rural Housing Authority creates hope for the future by providing a full range of housing and community development programs that help build and sustain independent communities. They provide rental support, an innovative home financing program, needs assessments and economic development to Nevada’s fifteen rural counties and the rural portions of Clark and Washoe counties, with a coverage area including 110,000 square miles and more than 1.3 million people. For more information, visit www.nvrural.org.