Florida Home Buyer Opportunity Program Given Funding
Florida hopes to stoke its real estate market by becoming one of the few states to offer $8,000 in down-payment assistance to qualified home buyers so they can benefit upfront from a new federal tax credit. The legislature set aside $30 million to create the Florida Home Buyer Opportunity Program, mirroring the federal program for buyers who have not owned a home for at least 3 years. To qualify, an individual cannot earn more than $75,000 a year, while couples can’t earn more than $150,000.
According to David Hart, vice president of legislative and government affairs for the Florida Home Builders Association, “Here in Florida, rather than qualified buyers waiting to get the tax credit on the tail end of the process, in the form of a credit after they have filed the tax returns, it will allow them to get it upfront and let them use it for down-payment assistance and fees."
The program became effective July 1, and will be funded later this month or in August. The funds will be distributed through local government and non-profit agencies already affiliated with the State Housing Initiatives Partnership. Qualified home buyers are entitled to $8,000 or 10% of the property’s purchase price, whichever is less.
According to RisMedia, "Buyers who receive a down payment must file for the tax credit on their federal tax return next year and then repay the agency that lent them the assistance. The program gives buyers who qualify and get funds 18 months in which to repay the state.
"The state program is intended to boost Florida’s slumping housing market. While the number of existing-home sales locally and statewide have been up for months now compared with a year ago, prices continue to be down 30% or more year-over-year depending on the market, according to the Florida Association of Realtors."
Read the full article at RisMedia.com.
This is great news for Florida home buyers. Contact me for details.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com