Public Finance
Reissued Mortgage Credit Certificates
Under no circumstance should you refinance your loan prior to receiving your Mortgage Credit Certificate on your original loan.
Please call our office directly at (925) 335-7217 for the most current information and updates.
Reissued Mortgage Credit Certificate Program (RMCC)
The Reissued Mortgage Credit Certificate Program is now being offered by the Contra Costa County Community Development Department. The RMCC is a program to reissue Mortgage Credit Certificates to current MCC holders who refinance their original mortgage for the first time.
If you refinance and Contra Costa County reissues your MCC, you can continue to claim tax credits based on a portion of the mortgage interest you pay. However, the IRS has placed certain restrictions on these reissued MCCs and Contra Costa County cannot guarantee that any particular mortgagor who refinances (or who has already refinanced) will be eligible for an RMCC. Letter to Homeowners. RMCC Application. RMCC Application Checklist. RMCC Certifications.
Conditions for Reissuance
Listed below are some of the conditions regarding the RMCC program:
- To receive an RMCC, you have to currently be the holder of an issued MCC.
- To receive an RMCC, you do not have to requalify in terms of income, house purchase price, status as a first-time homeowner, or change in marital status or household size. The RMCC will be reissued in the name of the original MCC Holder only.
- To be eligible for the RMCC, your original loan may be one of a variety of mortgage types. You will be provided with a schedule which shows the allowable interest credit for the particular mortgage type.
- The new loan can be for more or less than the remaining principle balance of your original loan. However, the new Certified Indebtedness Amount (the portion of your loan which you calculate your federal income tax credit) is limited to the outstanding balance of the original loan at the time of refinance.
- You cannot claim a higher interest credit for any taxable year than would have been available under the original certificate. You will be provided with a schedule to determine this limit.
- The reissued MCC is good only until the date that the original loan would have been paid off, even if the term of the new loan extends to a later date.
How do I Apply?
You need to apply to have your MCC reissued. It does not happen automatically. You should start the process when you are considering refinancing by calling us or your lender. If you have already refinanced, we may still be able to assist you as long as you can provide all the necessary information and if you meet all the conditions. This should be done as soon as possible after refinancing.
There is an application fee of $300 to Contra Costa County. Your lender may charge an additional fee of $50. Your MCC may only be reissued one time (first refinance). If you have already refinanced, you may contact Contra Costa County directly at (925) 335-7217. If you are considering refinancing, please contact any of the participating lenders shown below. If you lender is not on our list, please have them contact us or you may contact us directly.