A discussion around the office brought up a situation where a first time home buyer would not be elligible the tax credit through The Housing and Economic Recovery Act of 2008 . Their situation involved financing through Ohio Housing Finance Agency. The information that applies to this situation is from the OFHA website, and is as follows:
Housing and Economic Recovery Act - Important Information for Homebuyers
The Housing and Economic Recovery Act of 2008 prohibits the use of the $7,500 new First-Time Homebuyer Credit in conjunction with tax-exempt Mortgage Revenue Bonds. Because the OHFA First-Time Homebuyer Program is financed with tax-exempt Mortgage Revenue Bonds, homeowners who use the OHFA program are not eligible for the credit.
The Housing and Economic Recovery Act of 2008 prohibits the use of the $7,500 new First-Time Homebuyer Credit in conjunction with tax-exempt Mortgage Revenue Bonds. Because the OHFA First-Time Homebuyer Program is financed with tax-exempt Mortgage Revenue Bonds, homeowners who use the OHFA program are not eligible for the credit.
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