Period for which certificate in effect
(A) In general
(A)In general#
Except as provided in subparagraph (B), a mortgage credit certificate shall be treated as in effect with respect to interest attributable to the period—
(i) beginning on the date such certificate is issued, and
(ii) ending on the earlier of the date on which— (I) the certificate is revoked by the issuing authority, or (II) the residence to which such certificate relates ceases to be the principal residence of the individual to whom the certificate relates.
(A)(i)#
beginning on the date such certificate is issued, and
(A)(ii)#
ending on the earlier of the date on which—
(I) the certificate is revoked by the issuing authority, or
(II) the residence to which such certificate relates ceases to be the principal residence of the individual to whom the certificate relates.
(A)(ii)(I)#
the certificate is revoked by the issuing authority, or
(B)Certificate invalid unless indebtedness incurred within certain period#
A certificate shall not apply to any indebtedness which is incurred after the close of the second calendar year following the calendar year for which the issuing authority made the applicable election under subsection (c)(2)(A)(ii).
(C)Notice to Secretary when certificate revoked#
Any issuing authority which revokes any mortgage credit certificate shall notify the Secretary of such revocation at such time and in such manner as the Secretary shall prescribe by regulations.