Funds run out for NYS Mortgage Credit Certificate (MCC) Program - 10/21/09 12:19 PM
Just a month ago I blogged about  New York State joining other states in offering a Mortgage Credit Certificate (MCC) Program. The program is administered by SONYMA. Well a month later most of the funds are spoken for and as of Monday October 19th SONYMA has restricted future applications to only targeted areas. Here's SONYMA's explanation
"Since the program's inception, the average reservation loan amount has been $5 million per day and since October 1, this amount increased to $7 million per day. Due to the overwhelming demand for MCCs, SONYMA allocated another $20 million to the program in late September. … (0 comments)