The Iowa Finance Authority is now offering some first-time Iowa home buyers a tax credit of up to two-thousand dollars a year, for the life of their 30-year mortgage.
Twenty years ago congress passed a law allowing states to set up this kind of a program and Iowa is doing it for the first time in 2014. Iowa Finance Authority director Dave Jamison says his agency will issue a certificate for that tax credit on mortgages that are handled by a lender participating in the program.
Home sales that closed after February 3rd of this year are eligible. There are income limits as to which first-time home buyers are eligible, as well as limits on the price of homes they buy, but Jamison estimates 585 Iowa home buyers will be eligible in 2014. Iowa Association of Realtors C-E-O Dave Bert says this “Take Credit” program should encourage more Iowans to buy a home.
The Iowa Finance Authority was created in the mid-70s to administer programs that help low- and moderate-income Iowans buy their first home.