North Carolina Buyers Get an Exception for a tax credit in Targeted Areas

You don't always have to be a first time buyer for an MCC tax credit!

You don’t always have to be a first time buyer for an MCC tax credit!

The first time homebuyer requirement for an MCC Tax Credit through the NC Housing Finance Agency does not have to be met if the borrower’s residence is located in a “designated Targeted Area” as listed below.

A targeted area is any area designated by the federal government to receive special consideration based on economic conditions and the housing stock.  A Targeted Area is defined as a census tract in which 70% or more of the households have an income which is 80% or less of the area median family income.  Such areas are not subject to the prior home ownership restriction.  Federal regulations require NC Housing Finance Agency to set aside a portion of the bond funds for Targeted Areas for one year.

Targeted areas eligible for the first time home buyer exemption with an MCC Tax Credit are as follows:

FFIEC Geocoding System. This list is subject to change.  Click on the county to view eligible areas

Click here to see the Household Income limits for the MCC Tax Credit

 

Alamance 0208.01, 0210.00
Beaufort 9303.00
Buncombe 0002.00, 0009.00
Cabarrus 0407.03, 0419.01, 0421.01
Caldwell 0302.00
Catawba 0104.02, 0107.00, 0110.00
Cleveland 9509.00
Craven 9608.00
Cumberland 0002.00, 0005.00, 0010.00, 0012.00, 0024.01, 0034.03, 0034.08, 0038.00
Davidson 0608.00, 0614.00
Duplin 0908.01
Durham 0005.00, 0009.00, 0011.00, 0013.01, 0014.00, 0015.01, 0015.02, 0017.09, 0022.00, 0023.00
Edgecombe 0202.00, 0204.00
Forsyth 0003.01, 0004.00, 0005.00, 0006.00, 0007.00, 0008.01, 0008.02, 0009.00, 0016.02, 0019.01, 0034.03, 0034.04, 0037.01
Gaston 0319.00, 0320.00, 0321.00, 0331.00
Graham 9201.00, 9203.00
Guilford 0101.00, 0103.00, 0110.00, 0111.01, 0112.00, 0114.00, 0115.00, 0116.02, 0119.04, 0126.08, 0126.11, 0127.07, 0136.01, 0138.00, 0139.00, 0140.00, 0142.00, 0143.00, 0145.01
Iredell 0602.00, 0604.00
Lee 0303.00
Lenoir 0102.00, 0103.00, 0104.00, 0105.00, 0107.00
Mecklenburg 0008.00, 0009.00, 0019.10, 0019.18, 0023.00, 0031.09, 0037.00, 0038.08, 0039.02, 0039.03, 0041.00, 0042.00, 0043.02, 0045.00, 0047.00, 0051.00, 0052.00, 0053.01, 0053.07, 0053.08, 0058.24, 0058.29
New Hanover 0101.00, 0105.02, 0110.00, 0111.00, 0114.00
Onslow 0008.00, 0009.00, 0026.00
Orange 0113.00, 0116.01, 0116.02
Pasquotank 9603.00
Pender 9202.04
Pitt 0002.01, 0006.02, 0007.01, 0007.02
Randolph 0303.01
Richmond 9706.00
Robeson 9603.00, 9605.01, 9608.01, 9608.02, 9611.00, 9618.02, 9620.01, 9620.02
Rockingham 0414.00
Rowan 0504.00
Scotland 0102.00, 0103.00
Union 0204.04
Vance 9606.00, 9607.00, 9608.00
Wake 0507.00, 0508.00, 0509.00, 0511.01, 0520.01, 0524.08
Wayne 0007.00, 0015.00, 0018.00, 0020.00
Wilson 0001.00, 0002.00, 0003.00, 0007.00, 0008.01

Author: Russell Smith

Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.