I guess this sums it up …. “The Commission has discontinued the development of an additional Tax Credit Bridge Loan program.”
Posted June 11, 2009 on the Washington State Housing Finance Commission www.WSHFC.org site:
I was so excited about what Washington was doing that I even started a specific blog for it www.taxcreditadvanceloanprogram.com. If you want more information about what went on you can click on over. I will probably post more information about the original tax credit plan and update it when ever any housing credit takes place.
Similar posts:
MORE TO COME – AS OF TODAY HUD HAS PULLED BACK. I DO THINK THERE WILL BE A SOLUTION. I DO BELIEVE THAT WASHINGTON STATE BUYERS WILL BE ABLE TO USE THE CREDIT FOR A DOWN PAYMENT BECAUSE OF THE ITEM PASSED IN THE STATE’S BUDGET. WILL REPORT WHEN ALL OF THIS SETTLES OUT.
press release
May 12, 2009, 1:10 p.m. EST
HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
WASHINGTON, DC, May 12, 2009 (MARKETWIRE via COMTEX) — Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
CLICK HERE FOR THE FULL STORY…….MARKETWIRE
Tags: First Time Home Buyer,
Tax Credit —
The Washington State Legislature has approved a loan program that would turn the $8,000 federal first time home-purchase tax credit, which is received in the form of a refund, into immediate, hard cash, available for your down payment and closing costs.
This budget amendment sets up a “Tax Credit Advance Loan Program” to give first time home buyers who qualify for the federal tax credit the money as a loan at closing, meaning you could use the money for your down payment, then pay it back when you get your tax refund.
State Treasurer James McIntire wrote the budget amendment, received support from the Washington Realtors and the State Housing Finance Commission. The State Housing Finance Commission will be the department that will administer the program.
The Tax Credit Advance Loan Program will be run similar to a “bridge-loan” type program with some of the details still in the works you will want to check back as updates become available.
Tags: Loan Program,
Tax Credit —
Jo Soss 
