First Time Home Buyer Tax Credit Extended

The federal First Time Homebuyer Tax Credit (FTHBTC) program has been officially extended as of November 6, 2009. This extension allows for homebuyers that have an executed contract on a home on or before to April 30, 2010 which is closed on or by June 30, 2010 to apply for the tax credit.

This affects the Florida Homebuyer Opportunity Program (FLHOP) administered through SHIP for the fiscal year 2009-2010 due to the Legislative language for FLHOP providing that if the FTHBTC is extended, then FHLOP is automatically extended. So, all FY 2009-2010 funds are required to be expended under your FLHOP strategy in your LHAP (excluding program income) through June 30, 2010.

In the extension of the FTHBTC, provisions were added to allow for a tax credit of up to $6,500 for non first time homebuyers and for higher income limits. These provisions do not apply to FHLOP due to the Legislative language restricting FLHOP funds to first time homebuyers and to the established income limits of $75,000 for a single tax filer and $150,000 for a joint tax filers.