First Time

 Home Buyer

CREDIT APPLIES TO ALL QUALIFIED PURCHASES

FEATURE

ON OR AFTER JANUARY 1,2009 AND BEFORE

DECEMBER 1, 2009

Amount of credit

Lesser of 10% of home cost or $8,000.

Eligible property

Any single family residence

including condos, co-ops or town houses

that will be used as a principal residence.

Refundabe

YES reduces or can eliminate income

tax liabiity for the year of purchase. Any unused

amount of tax credit is refunded to purchaser.

Income limit

YES adjusted gross income of no more than

$75,000  ($150,000 on a joint return) phase

out above those caps $95,000 & $170,000

First Time home buyer

YES Purchaser & Spouse may not have owned

a principal residence in the 3 years previous to

purchase.

Revenue Bond Financing

purchasers who utilize revenue bond financing can

use this credit

Recapture

If home is sold within 3 years of purchase, entire amount

of credit is recaptured on sale.

Termination

December 1st, 2009 (end of program)