Filed under: Real Estate | Tags: Altadena Homes For Sale, Altadena Real Estate, Altadena Real Estate Sales, Altadena residential sales data, Architectural Properties, California, Pasadena Homes For Sale, Pasadena Real Estate, Tax credit, www.Haussler.com
First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20% of the program’s funding remaining.
The program launched in March, and as of June 3 nearly $24 million in tax credit certificates already had been issued, according to the state’s Franchise Tax Board, leaving nearly $76 million in credit available. Many applications still are in the pipeline awaiting approval. If all of the submitted applications are approved, only $17.5 million would remain in the fund.
The California state legislature is considering adding another $200 million to the program. However, securing approval may be difficult due to the state’s estimated $24 billion budget deficit. A bill to extend the program already has won Assembly approval and now is awaiting activity in the state Senate.
Bottom line… if you’re considering purchasing a newly-built residence, don’t delay!
![Reblog this post [with Zemanta]](https://i0.wp.com/img.zemanta.com/reblog_e.png)
Leave a Comment so far
Leave a comment
Altadena Real Estate 