24 NCAC 01D .0601. PURPOSE

Latest version.

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.

                    
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