Mortgage Tax Credit - Ohio Housing Finance Agency (OHFA)

Mortgage Tax Credit

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OHFA's Mission Statement

"We open the doors to an affordable place to call home."

The Ohio Housing Finance Agency (OHFA) facilitates the development, rehabilitation and financing of low- to-moderate income housing.

The Agency's programs help first-time homebuyers, renters, senior citizens, and others find quality affordable housing that

meets their needs.

OHFA Point of Contact

If you have any questions about OHFA Homeownership Programs and Products please

contact Erin Higgins or Tom Walker.

Operations Manager Erin Higgins Ehiggins@ 614-752-7049

Business Development Manager Tom Walker Twwalker@ 614-466-9920

Mortgage Tax Credit Program

? Homebuyers can lower their federal tax liability through OHFA's Mortgage Tax Credit Program. The program allows homebuyers to take a direct tax credit for a portion of their mortgage interest for the life of the mortgage.

? The mortgage tax credit is intended to help homebuyers afford homeownership.

? $2,000 maximum credit per year for the life of the mortgage. (No dollar amount limit on the 20% credit rate.)

? The mortgage tax credit is in addition to the IRS home mortgage interest deduction!

The percentage of the annual tax credit you can claim is based on the location and/or status of the property:

? 20% credit for non-target areas [Areas not designated as economically distressed by the U.S. Department of Housing and Urban Development (HUD)].

? 25% for target areas (An economically distressed area designated by HUD).

Target Area Search Engine:

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