Mortgage Credit Certificate

The Mortgage Credit Certificate Program was authorized by Congress in the 1984 Tax Reform Act as a means of providing housing assistance to families of low and moderate income.  The Hawaii Housing Finance and Development Corporation (HHFDC) is an Issuer of Mortgage Credit Certificates.

A Mortgage Credit Certificate (MCC) reduces the amount of federal income tax you pay, thus giving you more available income to qualify for a mortgage loan and assist you with house payments.

2024 MCC Program Brochure (effective January 1, 2024)

CURRENT MCC FUNDS AVAILABLE (Updated April 15, 2024) ***

UNCOMMITTED FUNDS:                                       $670,211


ESTIMATED AVAILABLE FUNDS:                          $379,811

***MCC program fund allocation is calculated as 20% of the indebtedness amount.

Frequently Asked Questions about MCC (Updated May 31, 2022)

If you do not see an answer to your question below, please email the MCC program at [email protected]/.

Where can I get a MCC?

You are free to seek financing from any of the lenders listed on our MCC Participating Lenders List.

Who do I contact if I am interested in applying for an MCC?

Review our MCC Participating Lenders List and inquire with them when applying for your mortgage on
your first home.

Who do I contact if I have lost my original Mortgage Credit Certificate?

Please mail a written request for a duplicate Certificate to HHFDC, MCC Dept., 677 Queen Street
Suite 300, Honolulu, HI 96813. Include a $25 cashier’s check or money order (no personal checks)
your name, address, mailing address, and Certificate number if you have it.

I am refinancing my property which I have an MCC for, can I keep my MCC?

The lender you are refinancing with will need to be an MCC Participating Lender and you will need
to notify them that you have an MCC. They will collect an MCC Application for Reissuance and any
required documents from you.

My mortgage loan is closing, when will I receive my reissued certificate?

Your lender will need to provide us documentation from your loan closing within 30 days. If 30
days has lapsed from the loan closing, extension fees will be assessed. Once all required documents
are received from your lender, a reissued MCC with be mailed to you.

I have sold my house, does this have a tax effect and what do I do with my certificate?

Yes, there may be a recapture tax that will have to be calculated by your tax preparer. You should
have received the recapture tax table with your loan closing documents from your mortgage
lender. If you do not have this, please email [email protected] and we can send you the
document to give to your tax advisor.

Additionally, you need to return your Mortgage Credit Certificate by mail to HHFDC, MCC Dept.,
677 Queen Street Suite 300, Honolulu, HI 96813. You can no longer take the credit and doing so
may result in additional tax consequences by the IRS.

I refinanced last year but did not receive a reissued certificate, what do I do?

You need to contact your lender who needs to be an MCC Participating Lender. They will need to
prepare and obtain your signature on MCC Reissuance forms and will need to submit copies of the
closing documents in order for a MCC to be reissued. Additionally, there is a $300 fee for the
reissuance. If you refinanced with a non-participating lender, unfortunately we cannot reissue the

I was issued a Mortgage Credit Certificate. Is it affected by the sale of my mortgage to another lender?

Your mortgage lender may sell your loan to another lender during the term of the loan and, at times, may only sell the servicing of your loan to another lender or business. This does not have an effect on your MCC for tax purposes although your certificate reflects the original lender’s name and not the new lender. HHFDC will not update the MCC. Please retain your original mortgage note and any communication from your lender related to a sale of the loan or servicing and present it to your tax preparer if they have any questions about the lender listed on your certificate.

When will the information on my Mortgage Credit Certificate be updated?

Your MCC will only change when it is reissued due to refinancing of the first mortgage. You must notify your mortgage lender when applying for a refinance that you have an existing MCC and that you need to submit a Reissuance Request to HHFDC. Remember, you can only refinance with a MCC participating lender. Always refer to our website to see if your lender is an MCC participant, as the list can change annually.