With the help of the real estate associations statewide our Governator, the honorable Governor Schwarzenegger, didn't terminate Assembly Bill 183! This past Thursday the Governor signed AB183, the Homebuyer Tax Credit legislation into law.
AB183's funds will provide $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied homes. Qualified buyers must purchase on or after May 1, 2010 and on or before December 31, 2010. The credit is calculated on 5% of the purchase price or $10,000, whichever is less, in equal installments over three consecutive years. The buyer must live in the home for at least 2 years or repay the credits earned.
The previous home buyer tax credit program was so successful that it ran out of funds eight months before it was set to expire. It also did not include the purchase of an existing home by a first-time buyer.
This information was provided by the California Association of Realtors.
Comments(0)