Yet another opportunity for buyers to take advantage of great Santa Monica real estate deals!

There is now a tax credit available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied.

The buyer must reside in the new home for a minimum of two years immediately following the purchase. The state has already begun accepting applications for allocation of credit.

As of this writing, 173 applications have been received. This is great news! Only $1,715,826 of the available $100,000,000 has been spoken for.

There's one small detail: as of today, the State of California has not fully developed procedures to handle the applications. But once they start processing applications, credits will be allocated on a first-come, first-served basis.

You can moniter any updates to this program at the Franchise Tax Board's website

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