A bill for an ordinance authorizing and approving (i) the use of an amount not to exceed $45,000,000 of Private Activity Bond Volume Cap Allocation for the purpose of making a mortgage credit certificate election; and (ii) the MCC Program Administration Agreement and the MCC Program Guidelines. (FINANCE & SERVICES) Approves the use of approximately $45,000,000 of private activity bond volume cap allocation for Mortgage Credit Certificates (MCC) and approves the Program Administrator Agreement and the Program Summary and Guidelines for the 2015 MCC Program to provide qualified first-time homebuyers a federal tax credit of up to $2,000 per year. The Committee approved filing this bill by consent on 10-7-14.
. We've talked a lot about affordable housing in these chambers, and we talk a lot about our most vulnerable residents are homeless and are low income residents. But we also have, you know, expressed our concern for middle income residents who can't afford to stay in Denver. This is one of those programs that is for those middle income, moderate income families who are interested in becoming homeowners. And so I just wanted to take a moment to make the public aware of what this is. The mortgage credit certificate basically allows you to get a credit on your federal taxes up to 30% of the interest that you spent in a year. So everybody across the United States, under current rules, gets to deduct interest payments from their income. It lowers your income and therefore lowers your tax liability. This program allows you dollar for dollar to deduct from your actual tax payment. So if you owe the IRS $500 and you are going to get, you know, a $100 credit from your interest payment, you get to take that off what you owe the IRS. So it's a really great program for helping to make homeownership work. Whether you put that 100 bucks back into a home repair or just making the next mortgage payment. So I wanted to just make sure folks know they can find out about it. On Denver Gov Dawgs search for mortgage credit certificate and it is mostly for home first time homebuyers, although you can also receive it if you're in a targeted area that's a little bit distressed in our city or for some veterans. And the income limits are are really for those middle income families all the way up to $95,000 a year for two to adult household. So it really does help folks in that bracket buy homes in Denver. And it's actually out of funds right now. So we're really, really thanking my colleagues for their anticipated vote in support of this to keep helping homeowners buy homes in Denver. Thank you. Thank you, Councilman Canete. See no other comments. Madam Secretary, can you tidy up the next one, which I believe was 828, called out by Councilwoman Fox and Councilwoman Fox. What would you like for us to do with this? I would like to put on the floor for a vote, and it is the same thing as 867. So if you could put both of those together. Certainly, Councilman Ortega, we make the motion for us this evening. I'd be happy to. Could you put 828 and 867 on them for final consideration and do pass in a block on the floor.