Archive for the 'Home Building Tax Credit' Category

By Steve Brown / The Dallas Morning News
June 7, 2009

Earlier this year when federal lawmakers voted to give first-time homebuyers a tax incentive, they hoped the move would boost home sales.

And that seems to be happening.

The offer of an $8,000 tax credit – combined with low mortgage rates – has lured thousands of buyers to the beleaguered housing market.

Keller resident Joe Palacios is one of them. He and his wife are purchasing a new home.

“The tax credit was icing on the cake,” said Palacios, who’s living with friends until the couple’s four-bedroom Pulte home is finished this summer. “My wife and I were looking at apartments that were going for $1,200 a month.

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The much-touted $8,000 federal tax credit — or at least a good chunk of it — for first-time home buyers is now available to Texas home buyers who want to use the money for a down payment or closing costs.

The Texas Department of Housing and Community Affairs this week started a short-term loan program that allows people to get a slice of the $8,000 upfront, then pay it back to the state when their federal tax credit money rolls in.

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