SF New Developments

Besides the incredible discounts being offered by SOME (contact me for more details) of the San Francisco new developments in town, the state recently passed a new tax credit (thanks Ahhnold!) of $10000 for “qualified” buyers who on or after March 1st, 2009 and before March 1st, 2010 purchase a PRINCIPAL residence that has never been occupied (i.e., new construction!).

The buyer has to live in the new home for at least 2 years after the purchase date.

Also, Arnold has allocated $100,000,000 (that’s a lot of zeros) for this tax credit and once the monies have been allocated, that’s it!

How do you apply for the tax credit you ask? Download the application and fax it in! Hurry up! As of this post, 711 applications totally almost $7M have been received!

Who is considered a qualified buyer you ask?

• A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.

* Official home page about the tax credit [State of California Franchise Tax Board]

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