Gov. Schwarzenegger signed the Homebuyer Tax Credit legislation, into law.

Great news for California home buyers and home builders.

A $200 million Home Buyer Tax Credit Bill was signed by Governor Schwarzenegger this afternoon.
  • The Bill  allocates $100 million  to First Time Home Buyers , and $100 million for repeat buyers of new or existing homes. 
  • The programs will run between May 1, 2010 and December 31, 2010  with a final closing date of August 1, 2011 provided a binding and enforceable contract was entered into prior to December 31, 2010.
  • The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. 
  • Buyers must live in the home for at least two years or forfeit the credit and repay it to the State. 
This Tax Credit will overlap with the Federal $8000 & $6500 Tax Credits, which expire on April 30, 2010.

Start your Desert Cities MLS search  here.

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