INDIANA HOUSING AND COMMUNITY DEVELOPMENT AUTHORITY
TO ISSUE MORTGAGE CREDIT CERTIFICATES FOR ITS 2016-A PROGRAM
Notice is hereby given pursuant to the provisions of Treasury Regulation Section 1.25-4T promulgated under Section 25 of the Internal Revenue Code of 1986, as amended, that the Indiana Housing and Community Development Authority (the “Authority”) will issue One Hundred Million Dollars and 00/100 ($100,000,000.00) in Mortgage Credit Certificates for 2016 (hereinafter referred to individually as “Mortgage Credit Certificate” or collectively as “Mortgage Credit Certificates”) pursuant to its 2016-A Mortgage Credit Certificate Program. The Mortgage Credit Certificates will be available to qualified individuals after November 1, 2016. In order to be eligible to receive a Mortgage Credit Certificate, an individual must meet the following requirements:
- A Mortgage Credit Certificate will be issued only to an eligible borrower in connection with the purchase of a Single Family Dwelling located in the State of Indiana. For this Program, a Single Family Dwelling means structurally sound and functionally adequate housing (of a type generally taxed as real estate) including fixtures intended for occupancy by one family and the real estate appurtenant thereto reasonably necessary to maintain the dwelling’s basic livability.
- A Single Family Dwelling to which the Mortgage Credit Certificate will be applied must be the eligible borrower’s principal residence.
- An eligible borrower may obtain a Mortgage Credit Certificate only if he/she has had no ownership interest in a principal residence during the three-year period prior to the date on which the mortgage or other security instrument applicable to the Single Family Dwelling to which the Mortgage Credit Certificate is provided has been executed by the eligible borrower. An exception to this requirement is available in certain Targeted Areas.
- The acquisition cost of the Single Family Dwelling may not exceed acquisition costs set from time to time, a listing of which may be obtained from the Authority.
- The income of an applicant may not exceed the income limits set from time to time, a listing of which may be obtained from the Authority.
- The Mortgage Credit Certificate may not be issued in connection with the acquisition or replacement of an existing mortgage. The Mortgage Credit Certificate will be issued only to an individual who does not have a mortgage on the Single Family Dwelling with respect to which the Mortgage Credit Certificate is issued at any time prior to the execution of the mortgage or other security instrument.
- The Mortgage Credit Certificate may not be issued with respect to any residence any of the financing of which is provided from the proceeds of a “qualified mortgage bond” or a “qualified veterans’ mortgage bond” as defined in Section 143 of the Internal Revenue Code of 1986.
- Mortgage Credit Certificates will be issued in response to applications which must be completed by an applicant for a Mortgage Credit Certificate. Applications may be obtained from the Authority or participating lenders which have expressed a desire to participate in the Authority’s Mortgage Credit Certificate Program. Applications for Mortgage Credit Certificates and the identity of participating lenders may be obtained from the Indiana Housing and Community Development Authority, 30 S. Meridian Street, Suite 1000, Indianapolis, Indiana 46204; Telephone: (317) 232-7777.
- Any requests for further information should be directed to the Indiana Housing and Community Development Authority, 30 S. Meridian Street, Suite 1000, Indianapolis, Indiana 46204; Telephone: (317) 232-7777.
/s/ J. Jacob Sipe
- Jacob Sipe, Executive Director
Indiana Housing and Community Development Authority
31904739 8/3, 2016 hspaxlp 16-154