Hillsborough County HFA Mortgage Credit Certificate
First-time buyers in Hillsborough and Clay counties can get a Mortgage Credit Certificate from the Housing Finance Authority of Hillsborough County worth a federal tax credit of 20% of the mortgage interest they pay each year. It is open under 2026-2028 guidelines.
HFA of Hillsborough Multi-County Mortgage Credit Certificate
Taking applications
Hillsborough and Clay Counties
Amount
Federal tax credit equal to 20% of annual mortgage interest
Kind of help
Federal tax credit (MCC)
Who it's for
First-time buyers (borrower and spouse)
Income cap
See MCC income & sales price limits
First-timers only
Yes
Also note
2026-2028 MCC guidelines; participating lender
Local MCC - relevant because Florida Housing no longer issues MCCs.
Instead of cash at closing, an MCC lowers your federal income tax every year you keep the loan. Each year, 20% of the interest you paid becomes a credit against your tax bill, dollar for dollar. This matters more in Florida now because Florida Housing stopped issuing its own MCCs after 2020, leaving local issuers like this one as the only source.
Who is eligible?
First-time buyers; the rule applies to both the borrower and spouse.
Income and sales price under the HFA's MCC limits.
A participating lender, under the 2026-2028 MCC guidelines.
Homes in Hillsborough or Clay County.
Can it stack with down payment help?
This is where an MCC shines. Florida Housing's Hometown Heroes guide says its first mortgages are eligible with an MCC from a local issuer, so an eligible teacher, nurse or deputy could take Hometown Heroes' 5% second mortgage and still claim this credit, subject to the lender confirming both. Whether it can be used alongside the HFA's own Home Sweet Home second mortgage or Tampa's DARE program is also a lender question.
How to get one
Ask your lender whether it participates in the Hillsborough multi-county MCC.
Have the lender check your household income and the price against MCC limits.
The lender applies for the certificate as part of your loan, before closing.
Claim the credit on your federal return each year; a tax preparer can help.
What an MCC means in real money
The credit grows with your interest, so it is largest in the early years of a loan, when most of each payment is interest. As an illustration only: a buyer who pays $15,000 of mortgage interest in a year would have a $3,000 credit at a 20% rate. Ask a tax preparer how the credit would apply to your return. The issuer's limits on income and price apply when the certificate is issued, so bring the question up before you lock your loan.
Clay County buyers use the same certificate and rules, even though this guide doesn't have a separate Clay County page.
Our summary of the official program page as of November 2026. Funding and terms change; get the current version from the program or a participating lender. Florida Down Payment Assistance has no tie to this program.
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