La. Admin. Code tit. 16 § II-807
Current through Register Vol. 50, No. 11, November 20, 2024
Section II-807 - Processing Qualifications of Borrowers ApplicationsA. An application for a LHC MCC shall be processed by the Louisiana Housing Corporation. Borrowers may apply through any LHC approved lender. The lending institution shall undertake its own due diligence and other matters as may be determined to be appropriate to insure that the proposed loan and mortgage credit certificate is consistent in all aspects of the Louisiana Housing Corporations evaluation factors. The Louisiana Housing Corporation will also underwrite the application.B. Borrowers who obtain an LHC MCC can still claim 60 percent of their total year mortgage interest as a tax deduction. LHC MCC will allow homebuyers to convert 40 percent of their mortgage interest deduction to a life of loan tax credit, not to exceed $2,000 per year. The tax credit is available each year for the life of the original loan.La. Admin. Code tit. 16, § II-807
Promulgated by the Department of the Treasury, Louisiana Housing Corporation, LR 41:1774 (September 2015).AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.