| Sarasota,
FL: The Florida Homebuyer Opportunity Program, which provides
an $8,000 loan to income eligible first time homebuyers to
receive a federal tax credit, has been extended. The extension
allows for homebuyers to apply for these funds if they have
an executed contract on a home on or before April 30, 2010
and which closes on or before June 30, 2010.
“This program allows families that
want to use the federal income tax credit for their down payment
and closing costs to actually have those funds at closing,”
said Don Hadsell, Director of the Sarasota Office of Housing
and Community Development. “Without the ability to borrow
the funds, those who need the income tax credit to purchase
a home may not be able to take advantage of this benefit.”
The Florida Homebuyer Opportunity Program
is a state program which allows eligible first time homebuyers
to receive a loan for down payment and closing costs and then
repay that loan when they receive their federal income tax
credit. Single filers with incomes up to $75,000 and joint
filers with incomes up to $150,000 may apply for the loan.
The program is open to any Sarasota County resident and is
administered locally by the Sarasota Office of Housing and
Community Development.
Twenty families in Sarasota County have been
assisted with the purchase of a home through the Florida Homebuyer
Opportunity Program. Enough funding remains available in Sarasota
County to help approximately 40 families.
To receive the loan, the applicant must qualify
for a first mortgage. The local lender will submit the application
for funding to the Office of Housing and Community Development.
Applicants may purchase a single family home or condominium.
The Florida Homebuyer Opportunity Program
is a loan that must be repaid when the buyer receives their
income tax credit.
For more information visit the Office of
Housing and Community Development website:
www.sarasotagov.com/NDS/Housing
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