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- RANCHO CUCAMONGA, CA, August 24, 2008 - The new Housing and Economic Recovery Act of 2008 in to effect on October 1, 2008. However, one key provision, the "tax credit," affords builders and home buyers an unprecedented opportunity. According to the National Association of Home Builders, an estimated 2 million buyers will use the tax credit between, now and July 01, 2009. For the factory constructed housing industry, according to Jess Maxcy, President, California Manufactured Housing Institute, "the essential key for attracting these buyers will be consistent communications from informed retailers."
The provision provides a "tax credit" of up to $7,500 for qualified first time home buyers. To be eligible for the credit, the home must be purchased after April 09, 2008 and before July 01, 2009. First time home buyers purchasing any kind of home, new or resale, are eligible for the tax credit. Homes must be for their primary residence. The provision will be administered by the IRS and is referred to as a "Tax Credit."
The CMHI website,
www.cmhi.org, offers further information regarding the key provisions of the tax credit, and answers to many frequently asked questions. In addition, other provisions within the The Housing Economic Recovery Act of 2008 are outlined.
About California Manufactured Housing
The California Manufactured Housing Institute is the non-profit professional and trade association representing the factory constructed housing industry in California. For more information, please contact Jess Maxcy at 909-987-2599.
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