$10,000 Credit for New Home Purchases over 1/4 GONE!

I recently posted some information on the tax credits available to those that are looking to buy a new home in California:

You probably heard about it already but in case you didn’t, here are the details.

 

1)      $10,000 tax credit for any NEW DEVELOPMENT purchase between March 1st 2009 and March 1st, 2010

2)      Has to be PRIMARY RESIDENCE

3)      Has to be NEVER BEEN OCCUPIED BEFORE

4)      Application has to be received within ONE WEEK after close of escrow

5)      Taxpayer has to occupy home for a minimum of TWO YEARS

6)      Be a single-family residence (attached or detached) – yes, condos count and so do house boats 

 

Here is the official link to the program

http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml#def2

 

You can also see how many people have applied already and how much is left in the tax credit (maximum of 100M allowed – $7M has already been allocated).

But the tax credit may soon be GOING, GOING, GONE!!!

 

I just checked the website where you can track applications, and while the tax credit haven’t been allocated yet… buyers have already applied for OVER 25% of the amount allocated!!!

 

That’s right folks…. $100,000,000 has been allocated for the tax credit, and IN JUST 1 MONTH, OVER 25% of that amount has been requested!!!

 

That means that at this rate, the credit will be all used up before June is over!

 

And while the state of California hasn’t started allocating the funds yet, the requests will be fulfilled on a first come first served basis.

 

What does this mean to you?

 

If you’re thinking about buying new construction in San Francisco, act fast!!!

 

And if you need a little more information about new developments in SF (and a celebratory weekend getaway), give me a holler.

 

 

Luba