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January 2009 - Volume 12, Issue 1 - Page 4
OHFA Borrowers Not Eligible for Tax Credit
Posted: December 30, 2008
Effective Date: July 30, 2008
This is a reminder that borrowers who use the Ohio Housing Finance Agency First-Time Homebuyer
program are not eligible to claim the $7,500 first time homebuyer tax credit that was
created by Congress in the Housing and Economic Recovery Act of 2008.
OHFA is receiving many calls from borrowers about this, and we expect that lenders are as well.
The talking points below may be helpful to you in explaining the exclusion.
- In July 2008 Congress enacted a $7,500 first time homebuyer tax credit for
people who purchase homes between April 9, 2008 and July 1, 2009. - The legislation stated that people who finance their home under a program
using Mortgage Revenue Bonds are not eligible to claim the credit. - The OHFA First-Time Homebuyer Program uses Mortgage Revenue Bonds, so
borrowers in the OHFA program are not eligible for the credit. - The benefit of the OHFA program is a lower fixed rate for the life of the loan, whereas
the $7,500 “credit” is paid back through your income tax starting in the second year. - Other benefits of the OHFA program include the availability of down payment
assistance, and the Ohio Heroes program. - If you have questions about your eligibility, we suggest you consult a tax attorney.
OHFA posted this information on Lender Online on July 30, 2008, and we have a notice on our
website.
For additional information on the tax credit, copy the link below into your web browser!
http://www.realtor.org/wps/wcm/connect/b3166d804ab5f8aeba0ebb36cd5b788e/qa_first_ti
me_hb_tax_credit.pdf?MOD=AJPERES&CACHEID=b3166d804ab5f8aeba0ebb36cd5b788e
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