Housing Stimulus Package details

I was on vacation last week, so I didn't get a chance to post the final details of the Housing Stimulus Package. Better late than never, right?

• Effective for purchases between January 1, 2009 and December 31, 2009.
• Tax credit for lesser of 10% of the cost of the home or $8,000.
• Eligible properties are single family houses, condos, and co-ops.
• Reduces or can eliminate tax liability for the year of purchase. Any unused amount of tax credit is refunded to the purchaser.
• Full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps.
• Purchasers and/or spouse may not have owned a principle residence in previous 3 years.
• Purchasers who utilize revenue bond financing can use credit.
• No repayment unless the home is sold within 3 years of purchase. The amount of credit is recaptured on sale.