H.R. 3221 Housing Assistance Tax Act of 2008 Short Summary

You can read the entire bill at the following site:  Http://www.govtrack.us/congress/bill.xpd?bill=h110-3221

The term tax credit has been used with this bill.  In the summary of the bill it state, "Provides first-time home buyers with a tax credit of up to $7,500 for residences purchased on or after April 9, 2008, which the home buyers will repay over fifteen years following their purchase (Sec. 3011)."

This tax credit is more of a loan to the first-time home buyer that requires repayment over a 15 year period.  If you are eligible for the full $7500 you will need to pay back $500 a year.

A first-time home buyer is classified as someone who has not had an ownership interest in a property within the past 3 years.

Income restrictions on the tax credit, so if you make more than $75,000 filing single or $150,000 filing jointly.

The tax credit or loan is based upon the purchase price.  10% of the purchase price is eligible.  Any purchase price over $75,000 is eligible for the full $7500 tax credit. 

The purchase must be made between April 9, 2008 and July 1, 2009.

Other restrictions apply such as the tax credit being repaid at the sale of the home if the home is sold within the 15 year period.

Make sure you ask your lender, accountant and tax advisor questions about this tax credit to determine if you are eligible and if this may be right for you.

You can get more information from the National Association or Realtors Web site:

http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

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