Housing Relief Restricted Special Revenue Fund

House bill SB 260 allows the Governor to use $10 million of the federal stimulus for down payment assistance.

It provides up to $6,000 down payment assistance for new construction homes and is not limited to first time home buyers. There are income limits, $75,000 for single and $150,000 for married filing jointly. For first time home buyers, as defined in the federal act, the down payment assistance can be used in addition to the federal tax credit of $8,000. 

The opportunities for buyers are getting better and better. We’ve seen activity pick up in the lower price ranges of the resale market and are seeing multiple offers on one property.  Now with up to $14,000 to use towards a down payment on new construction, lot prices under $50,000 and  builders quoting low construction prices, buyers should be able to consider new construction as a viable option.