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FEATURE
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CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
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REVISED CREDIT -
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
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Amount of Credit
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Lesser of 10 percent of cost of home or $7500
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Maximum credit amount increased to $8000
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Eligible Property
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Any single family residence (including condos, co-ops, townhouses) that will be used as principal residence.
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No change All principal residences eligible.
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Refundable
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Yes. Reduces (or can eliminate) Income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
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No change Purchasers will continue to receive refund for unused amount when tax return is filed.
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Income Limit
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Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
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No change
same income limits continue to apply.
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First-time Homebuyer Only
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Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.
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No change
Still available for first-time purchasers only. Three-year rule continues to apply.
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Revenue Bond Financing
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No credit allowed if home financed with state/local bond funding.
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Purchasers who utilize revenue bond financing can use credit.
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Repayment
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Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
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No repayment for purchases on or after January 1, 2009 and before December 1, 2009
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Recapture
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If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
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If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
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Termination
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July 1, 2009
(But note program changes for 2009)
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December 1, 2009
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Effective Date
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Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
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All revisions are effective as of January 1, 2009
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Ohio heroes make a difference in our lives by working hard in critical jobs every day. OHFA is proud to offer all the benefits of our First-Time Homebuyer Program to Ohio's heroes at a 1/4% lower
interest rate.
Do I Qualify?
The Ohio Heroes Program is available to the following full-time employees who are:
- Active Military, Active Reserve, or a Veteran ? Qualified Active Duty Service personnel include Armed Services or Reserve Forces. Qualified veterans include military members honorably discharged from any branch of the U.S. Armed Forces.
- Firefighters, Emergency Medical Technicians or Paramedics ? Sworn paid members of a fire department whose regular duties include fire suppression or prevention, emergency medical response, hazardous materials response.
- Health Care Workers ? Certified, accredited, or licensed health care workers who are employed full-time as a medical resident or fellow, dental hygienist, nurse, nursing assistant, pharmacist, pharmacy technician, physician's assistant, medical technician, technologist, or therapist.
- Police Officers ? Individuals commissioned as a police officer by a federal, state, county, or municipal or township government, or a public or private college or university; must be sworn to uphold, and make arrests for violations of federal, state, county, municipal, or township law or respond to terrorism.
- Teachers ? Individuals employed full-time by an accredited or state recognized public school, private school, or federal, state, county, or municipal educational agency as a state-certified classroom teacher or administrator in grades K-12 or higher education.
