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I think they’ll only deduct 57% or 70% from the $100 million total for the purpose of deciding when to stop accepting applications.
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I really don’t see anything in the text that suggests they’ll stop accepting applications. It seems like they’ll reduce payments to all that applied to stay under the cap. Maybe I’m reading something wrong though. See the second paragraph.
I’m not saying that I wouldn’t take this credit if I was planning on buying but sometimes people just hear the headline 10K tax credit to buy a home in CA and assume it’s just like the federal tax credit when it’s not.
This credit is a nice benefit to those who buy at the expense of the other tax payers but most won’t get the full benefit out of it.