{"id":3069,"date":"2023-12-01T15:26:11","date_gmt":"2023-12-01T15:26:11","guid":{"rendered":"https:\/\/albanknews.com\/?p=3069"},"modified":"2023-12-01T15:27:15","modified_gmt":"2023-12-01T15:27:15","slug":"entertaining-ahfa-video-designed-to-clarify-mcc-program","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=3069","title":{"rendered":"Entertaining AHFA Video Designed to Clarify MCC Program"},"content":{"rendered":"

Though it\u2019s made homeownership more affordable for nearly 5,000 Alabama households, the Mortgage Credit Certificate (MCC) is one of the most misunderstood housing programs on the market today.<\/p>\n

Tens of thousands of dollars in tax credits are available to your customers through this federal program.<\/p>\n

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MCC Class is in session! Click above to watch \u2018Albert Budstein\u2019 in action.<\/strong><\/em><\/p>\n

The Alabama Housing Finance Authority (AHFA) offers this incentive to help your customers boost their purchasing power. An MCC gives homebuyers a tax credit to reduce the amount of federal taxes owed, based on a percentage of the annual mortgage interest paid each year. The remaining annual interest can still be claimed as a mortgage interest deduction on the homebuyer’s federal tax return.<\/p>\n

To increase understanding of the program, AHFA has created a new video featuring an animated \u201cAlbert Budstein\u201d to explain the savings in simpler terms. The 8-minute video answers frequent customer questions and shows how the savings multiply over the life of a 30-year loan.<\/p>\n

\u201cThe MCC is one of the most financially powerful tools out there for potential homebuyers,\u201d said AHFA Single-Family Administrator Carrie Hamaker. \u201cUsing it can save your customers literally thousands of dollars on their tax bills, which frees up income so they can qualify for a nicer home.\u201d<\/p>\n

Qualified homebuyers will receive a larger federal tax break or tax refund each year or benefit from immediate savings by updating the withholdings on their W-4 form. MCCs also may be paired with AHFA’s Step Up<\/a> program, adding up to $10,000 in down payment funds to the MCC savings.<\/p>\n