SECTION .0600 ‑ MORTGAGE CREDIT CERTIFICATE PROGRAM
24 NCAC 01D .0601 PURPOSE
The purpose of a Mortgage Credit Certificate (MCC) program
is to make housing more affordable for low‑ and moderate‑income
home buyers. An MCC operates as a federal income tax credit. The MCC reduces
the federal income taxes of eligible home buyers that purchase qualified
residences. The MCC can assist the purchase of either a new or an existing
single family residence.
History Note: Filed as a Temporary Adoption Eff. September
22, 1987 for
a Period of 120 Days to Expire on January 20, 1988;
Authority G.S. 122A‑5; 122A‑5.1; 122A‑5.4;
122A‑5.6; Sec. 25, IRC; 26 CFR 1.25;
Eff. January 1, 1988.