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The City of Portland, Oregon

Portland Housing Bureau

Solving the unmet housing needs of the people of Portland.

Phone: 503-823-2375

fax: 503-823-2387

421 SW 6th Avenue, Suite 500, Portland, OR 97204

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Mortgage Credit Certificate (MCC)

The Portland Housing Bureau (PHB) partners with local lenders to offer eligible first-time homebuyers a federal tax credit called a Mortgage Credit Certificate (MCC). The MCC is an IRS-approved tax credit which reduces homebuyers’ federal income taxes owed as long as they keep the loan, continuously occupy the home as their principal residence, have a tax liability, and utilize the MCC when they file their taxes.

The tax credit helps homebuyers increase their disposable income and therefore more comfortably afford their monthly house payment. The maximum amount of the MCC tax credit equals 20 percent of the annual mortgage interest paid on the homebuyers’ first mortgage loan. For underwriting purposes and depending on the type of loan utilized, the amount of the monthly tax credit can either be added to homebuyers’ income or subtracted from their qualifying monthly house payment resulting in increased buying power for homebuyers.

To apply for the MCC, please contact an approved loan officer. As a key part of delivering the program, the participating loan officers have gone through program training and have agreed to affirmatively market the program to people of color.

The MCC program continues to be one of the valuable tools the City has available to help achieve PHB’s mission of solving the unmet housing needs of the people of Portland. People of color in Portland own homes at rates well below both local and national averages. Through the MCC Program and other PHB home ownership programs and relationships with non-profit housing partners, PHB strives to assist more people from communities of color achieve home ownership.

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Information for Lenders

Find answers to frequently asked questions and links to forms and other relevant publications