New Hampshire Housing Application For The Reissuance Of A Mortgage Credit Certificate (Mcc) (Page 2 of 3) in pdf

• Names on the Reissued MCC: An MCC will only be reissued to the holder(s) of the existing MCC. MCCs

are not transferable to other people.

• Property: A reissued MCC is only valid for the same property that was financed when the original MCC

was issued. MCCs are not transferable to other properties.

• Owner Occupancy Required: The property must continue to be the MCC holder’(s’) principal owner-

occupied residence. The MCC holder(s) will be required to swear under oath that this remains true as of the

effective date of the new mortgage.

• Replaces Existing MCC: The reissued MCC will entirely replace the existing MCC. Therefore, the

existing MCC must be returned to New Hampshire Housing.

• Amount of Certified Indebtedness: The certified indebtedness will be calculated as of the effective date

on the new mortgage. The amount of the certified indebtedness will be the lesser of: 1) using an

amortization schedule for the original indebtedness, the calculated outstanding balance of the certified

indebtedness connected with the original MCC; or 2) the actual outstanding balance on the original

indebtedness.

• MCC Credit Rate: The MCC credit rate for the reissued MCC will be the same as the original MCC credit

rate.

• Term and Expiration: The term (meaning length of time) of the reissued MCC will not exceed the

remaining term of the original MCC. Therefore, the reissued MCC will have an expiration date that will be

based on the original underlying mortgage, i.e., the reissued MCC will expire when the original underlying

mortgage debt was scheduled to be paid off. Note: however, the reissued MCC may expire earlier, on its

own, based on the payoff of the new mortgage or when you no longer live in the residence as your principal

owner-occupied residence.

• Use of the MCC and Limit of Credit: Correctly using a reissued MCC can be complicated. MCC

Holders should seek tax advice and review IRS material, including Tax Information for Homeowners, IRS

Publication 530, Refinancing. In addition to calculating the credit based on the new mortgage financing,

reissued MCCs are specifically subject to two limits: 1) Yearly Limit: The reissued MCC has a maximum

limit that is based on the amount of credit that would have been allowable for each year under the original

MCC. 2) Total Limit: The reissued MCC has a maximum total limit based on the total credit that would

have been allowable under the original MCC for the term of the original certificate. Please note: your

yearly credit, as calculated using IRS Form 8396, can never exceed $2,000 in a tax year.

• Deadlines to Apply for Reissuance: The MCC must be reissued no later than one year after the effective

date of your refinance.

• Penalties: I acknowledge and understand that this Affidavit will be relied upon to determine eligibility for a

reissued MCC. I understand that under 26 US Code 6709: a) any fraudulent statements will result in: 1) the

revocation of the MCC, and 2) a $10,000 penalty; and b) any negligently made misstatement will result in a

$1,000 penalty.

• Disclaimer: New Hampshire Housing makes no representation, statement or warranty about the value that

an MCC (original or reissued) may have to an MCC holder. MCC holders should consult a tax advisor.

Nothing in this application shall be construed as a commitment to reissue an MCC. This decision will not be

made until all requested documents have been submitted and reviewed. My/our signature(s) below affirm that

I/we understand the statements above and wish to apply for a reissuance of the MCC.

______________________________________

_____________________________________

Signature

Date

Signature

Date

Please submit this application and required documents to New Hampshire Housing, C/O MCC Program, 32

Constitution Drive, Bedford, NH 3110 or electronically to

. If you have any questions, please

New Hampshire Housing 1-800-649-0470

12/03/15

Page 2 of 2

New Hampshire Housing Application For The Reissuance Of A Mortgage Credit Certificate (Mcc) Page 2

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