help information
Light rain
47.1 ° F
Full Weather

Governor Schwarzenegger Offers $10,000 Tax Credit To First Time Homebuyers

Governor Arnold Schwarzenegger was Tuesday’s KVML Newsmaker with his weekly radio address. Here are his words:

"Hi, this is Governor Arnold Schwarzenegger with another California Report.

Today, I want to talk about an exciting new tool to help first-time homebuyers and at the same time create jobs and pump up the economy.

One of the big victories from the budget that I signed last week is a new $10,000 tax credit for new home purchases.

Tomorrow, March 1, that tax credit goes into effect.

So if you’re a first-time buyer looking to purchase a brand-new home our budget just made it a little easier for you.

Now here are a few things to keep in mind.

The purchase must be made between March 1, 2009 and March 1, 2010.

In addition, the incentive program is capped at $100 million so the sooner you can take advantage of it the better.

Of course this is great for home-buyers but it’s also a great shot in the arm for our economy.

We all know California has been hit especially hard by the housing and foreclosure crisis.

In some neighborhoods, rows and rows of homes sit vacant.

New developments have been halted in their tracks.

As a matter of fact, according to one estimate, last year California saw the fewest number of homes and apartments built since the 1950’s.

And it’s not just builders feeling the pain.

1.6 million jobs in California rely on building, buying, remodeling and furnishing homes.

Getting our housing industry moving again is one of the best things we can do to protect and create jobs and that’s exactly what this tax credit will help do.

So I encourage all Californians in the market for a new home to visit www.ftb.ca.gov for more information on how to take advantage of this great program.

It is a terrific opportunity to jumpstart our economy and to help more families experience the American Dream.

Thank you for listening. "

The Newsmaker of the Day can be heard each weekday morning at 6:47, 7:47 and 8:47 on AM-1450 KVML.

Written by mark@mlode.com