The Washington State Housing Finance Commission has announced that the available funds for mortgage credit certificates (MCC) will be reduced in 2o16. They estimate that the remaining funds will be reserved by the end of March (possibly sooner) and that after the available funds are all reserved, home buyers can go on a wait list. The fee for the MCC is increasing in 2016 as well.
Mortgage Credit Certificate (or also referred to as MCC) is a federal tax credit available to first time home buyers who meet certain requirements. With the tax credit, eligible home buyers can adjust their their withholding to take advantage of the savings monthly instead of waiting until they file their taxes. The MCC remains available as long as the borrower owns and occupies the property.