Reissue Mortgage Credit Certificate Program
The Reissue Mortgage Credit Certificate (RMCC) Program is available through MOHCD Approved Participating Lenders Only
Effective July 5, 2016:
RMCC (non-refundable) Application Fee $696
We will not accept applications from non-participating lenders
RMCC APPLICATION IS SUBMITTED AFTER THE LOAN CLOSES
IRS regulations allow existing recipients of MCCs to refinance their original mortgage loans on their principal residence and obtain a new MCC with a tax credit rate the same as their original MCC. MCC holders can refinance their mortgage loans without voiding their current Mortgage Credit Certificates by applying for a Reissued MCC (RMCC) from a participating lender. Please note that you must use a participating lender in order to continue to receive the tax benefits through your MCC. If you do not use a participating lender, you will NOT be qualified for a Reissue MCC.
The City and County of San Francisco RMCC program requires that holders of existing MCCs who wish to refinance use the RMCC participating lenders. Existing MCC holders may wish to refinance with a MCC participating lender and mortgage broker who can work through a participating funding lender. The purpose of refinancing with a participating lender is to ensure that the lender is fully aware of San Francisco's RMCC guidelines and will not accidentally disqualify a MCC holder from future tax credits based on their new loan or other criteria. RMCC participating lenders can answer your questions about how to refinance without jeopardizing your existing MCC. Your loan agent will help you submit all of the required RMCC paperwork and answer any other RMCC questions that you may have about the Program. Lenders must submit the RMCC applications to the City within one year of the closing date of the refinance in order to ensure prompt processing of RMCC applications.
Neither the City and County of San Francisco nor the lender can guarantee that any individual will receive a RMCC.
The RMCC Program is limited to persons who have either previously received an original MCC or who plan to refinance their existing MCC. RMCCs are NOT available to persons who did not previously hold an MCC certificate. A Reissued MCC entirely replaces the existing MCC, and the MCC holder cannot retain the existing MCC with respect to any portion of the outstanding balance of the certified indebtedness amount specified on the existing MCC. RMCC applicants are not required to re-qualify for a RMCC on the basis of household income or the property's appraised value.
Listed below are the items needed in order for the City and County of San Francisco to reissue MCC. It will take approximately 30 days to process the application. Do not submit your RMCC application until you have the items listed below; an incomplete application will only delay the issuance of the RMCC.
All applicants must submit the following documents and RMCC forms for reissuance:
- Non-Refundable Application fee of in the form of a signed cashier's check made payable to City and County of San Francisco. Please click here for current fees.
- Copy of the original Mortgage Credit Certificate and RMCC Certificate (if applicable), if this is the second time of refinance; the City of San Francisco can provide a duplicate copy for a fee of $50
- Copy of original Promissory Note
- Copy of original Deed of Trust
- Copy of the payoff statement for the original loan
- Copy of Current Preliminary Title Report with respect to the new loan
- Copy of new loan application
- Copy of Promissory Note on new loan
- Copy of Deed of Trust on new loan
- Master Settlement Statement from the closing of the new loan
- Master Settlement Statement or HUD-1 Settlement Statement from the closing of prior refinance (if applicable)
- HUD-1 Settlement Statement from the first MCC loan
- RMCC Forms required for Reissuance: RMCC Application 101316.pdf (revised October, 2016)
***Please note MOHCD is only accepting digital files through DAHLIA. Loan Officers must attend lender training annually and maintain their password.***
In order to reissue your MCC after refinance, additional information may be required. If this is your 2nd, 3rd or 4th (etc..) refinance, please provide us the HUD-1 Settlement Statement and payoff statement from your 1st payoff and submit it to us along with the rest of information listed above.