By Donna Gehrke-White | Sun Sentinel
“little-known state program that pays first-time homebuyers up to $2,000 a year has more than tripled its number of participants in a year.Administrators expect an even higher surge of homebuyers applying this year as the real estate market strengthens.
The state-run Florida Housing Finance Corp. runs the program, which gives first-time homebuyers money back each year based on how much interest they pay on their mortgage.
Once approved, low- and moderate-income homeowners can claim up to half of mortgage interest they paid as a tax credit on their federal income tax return, said Cecka Rose Green, communications director of Florida Housing Finance. The credit is capped at $2,000 each year, she said.
“It’s a $2,000 reduction, dollar for dollar,” Green said. “It keeps money coming back to homeowners.”