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Virginians took $678.9 million in tax credits under homebuyer credits

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Virginians made 93,310 claims worth $678.9 million under the three federal first-time homebuyer tax credits designed to spur the housing market.

The Government Accountability Office released figures Friday about the number and value of claims made under the Housing, Recovery and Assistance acts. The Housing Act and Recovery Act allowed first-time homebuyers to receive a tax credit worth 10 percent of the home, up to $7,5000 and $8,000 respectively. The Assistance Act extended the Recovery Act and made the tax credit available to homeowners that had lived in their home at least five years.

Still, under the most recent law, the Assistance Act, more first-time homebuyers took advantage of the law rather than current homeowners. First-time homebuyers in Virginia made 11,758 claims worth $89.9 million under the assistance act, while 4,459 claims were filed by long-time homebuyers, worth almost $28 million.

Virginia ranked No. 11 based on the value of claims made under the law. The average claim in Virginia was $6,932 under the original Housing Act. Virginian’s claims made under the Recovery and Assistance acts was $7,450, ranking it No. 5 when compared with average claims from other states.


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