Even though the program is slated to roll out this week on July 1st, apparently the cash is not there yet and there are a few other obstructions.
There appears to be no procedures in place to implement the program which could leave a narrow window to get all applications in by the Federal Tax deadline of Dec. 1st.
Also known as the Florida Homebuyer Opportunity Program, it's budget of $30 million replaces the higher budgeted statewide grant program that was originally set up, helping low-income families with home purchases.
The state run program allows home buyers to take advantage of the Federal First Time Home buyer tax credit with a no interest loan which they can then pay back when they receive the Federal credit next year in 2010.
Builders and Realtors are hoping this credit insentive will help boost home sales this year.
For more information about this credit please go to: www.floridahousing.org