Lender Guidelines: 10.2 TSAHC Reports
TSAHC must make quarterly reports on IRS Form 8330, beginning with the quarter in which the election for the MCC program is made. The report must include:
- Name, address, and TIN of the Issuer;
- Date of election;
- The sum of the products of the certified indebtedness amount (the mortgage amount or the initial principal balance) and the MCC credit rate for each MCC issued; and
- Name, address, and TIN of each MCC holder for whom an MCC was revoked.
TSAHC must make an annual report to the IRS for each year beginning July 1 and ending June 30. The report will include:
- Number of MCCs issued by Income and Purchase Price; and
- Volume of MCCs issued by Income and Purchase Price.
In January following each year during which MCCs are issued, the Program Administrator will mail an IRS Form 8396, Mortgage Interest Credit, to each MCC holder of record as a reminder to properly declare the MCC tax credit for federal income tax purposes.
For access to the full TSAHC DPA & MCC Guidelines, please click here.