The C.A.R. (California Association of Realtors) predicts that the California Tax Credit of $ 10,000 for First Time Home Buyers might run out within 10 – 20 days. This is based on estimated May sales. However many first time home buyers have extended their closing date into May to take advantage of the $ 8000 Federal Credit and the California Credit. This might deplete the $ 100 million allocated for first time home buyers even faster. Applications can not be filed before May 1, 2010 with the Franchise Tax Board and require that escrow has closed. $ 100 million have been set aside for this program. An additional $ 100 million have been allocated for qualified principal residence purchases that have never been occupied.
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