The City of Palm Coast/Flagler County Distribution of the Florida Home buyer opportunity Program is projected to be $315,000.00 for Fiscal Year 2009-2010 and is seeking qualified applicants.

The intent of the Legislature is to ensure that residents of the state derive the maximum possible economic benefit from the federal first-time home buyer tax credit created through the American Recovery and Reinvestment Act of 2009 by providing subordinate down payment assistance loans to first time home buyers for owner-occupied primary residences.  The funding will become available after July 1, 2009 pending the bill being signed by the Governor and based on Documentary Stamp Tax Collections.

The maximum income limit shall be an adjusted gross income of $75,000 for single taxpayer households or $150,000 for joint-filing taxpayer hoseholds, which is equal to that permitted under the American Recovery and Reinvestment Act of 2009.  These funds are to be repaid.

Downpayment Assistance Program

First time home buyers can receive up to $8000 in asstance toward the purchase of a new or existing home, townhouse or condominium priced at or below $189,682.  These funds can also be used to purchase manufactured homes built after 1994.  The home must be purchased before December 1, 2009 to qualify for the credit.  The application period will commence August 11th (depending on the funds being available) and will be ongoing.

Applications will be available in the Flagler County Government Services Building, 1769 East Moody Blvd, Suite 307, Bunnell, Florida.  Office hours are Monday through Friday from 8 a.m. TO 5 p.m.  If you have any questions, please contact Valerie Bradley at (386) 313-4037.