Although an $8,000 federal housing tax credit program will expire soon, Florida’s $30 million bridge loan program had few takers. Only 15 Palm Beach County buyers have taken advantage of the Florida Homebuyer Opportunity Program, designed to front down payment money against the tax credit. Palm Beach County was allocated about $1.06 million, enough for $132 million interest-free loans. Statewide, less than 3 percent of the available money has been used, according to the Florida Housing Finance Corporation. [Palm Beach Post]   [more]

Florida wants to advance homebuyers the $8,000 federal tax credit now available to qualified buyers. But the Florida Homebuyer Opportunity Program lacks available funds and could derail a $161 million statewide grant program to help low-income home buyers and promote construction of affordable housing. Allocations to individual towns and cities will limit the number of loans that can take the advance payments, critics said. To find a local office for the Homebuyer Opportunity Program, go to www.floridahousing.org, select “Housing Partners,” then “Local Governments (SHIP),” then “Find Local SHIP Offices.” [more]

The Florida State Legislature approved a $30 million allocation to a
fund that will help homebuyers cash in on an $8,000 federal tax credit.
The Florida Homebuyer Opportunity Program will advance the federal
homebuyer tax credit, but the program will be restricted to first-time
buyers and others who have not owned a home for at least the past three
years. Recipients’ incomes are limited to $75,000 a year for
individuals or $150,000 for couples. [more]