Lender Guidelines: 9.4 Revocations of MCC
a. Revocation of an MCC will occur when the residence for which the MCC was issued ceases to be the MCC holder’s principal residence.
b. Revocation will occur upon discovery by TSAHC or a participating Lender of any material misstatement, whether negligent or intentional, made in connection with the issuance of the MCC.
c. Revocation will occur if it is later discovered that the holder did not meet the requirements for an MCC.
d. Revocation will occur if the original (first) mortgage loan is refinanced, unless the borrower applies for a re-issued MCC after the refinancing has closed. The tax credit may only be claimed for interest paid to the date of the recording of the refinancing, unless a re-issued MCC has been applied for and issued.
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