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[0:13] ..." to borrow 8000 dollars from the state in advance of the federal tax credit that kicks in when you file your taxes next year. And when you get your credit on your taxes that you paid"...
[0:29] ..." a five million global market for our for a first time homebuyer tax credit -- to cable program in when you. Comfortable one point three billion of that so war we -- three point seven million"...
[1:15] ..." Are -- came in ought to -- to give you a tax credit on the -- end of their perches Wednesday a different tax return. Home do you have a number of record in the news in the past. Few years and we are on a -- this year to. To do what we did last year in just three months we did -- 450 million bottles were first mortgages last year. We're on a case right now that would put us on news of accountability. We can't say that it's so totally all connected to that to the tax credit. But Eric totally -- have -- realtors which are small wonders. That there are people market they have been spurred by this and we think this -- Great --"...
[3:43] ..." But just anecdotally looking. Some of the communities where -- tax credit -- it's all over the state owned company literally from Abington. Two Leominster. And north oh -- roll hall toward stir. The"...
[0:00]" This is Lisa Meyer in the WBZ newsroom we're talking with Tom farmer mass housing. About the extension of the program that the state has been engaged in. Which essentially allows people. Who were first time homebuyers to borrow 8000 dollars from the state in advance of the federal tax credit that kicks in when you file your taxes next year. And when you get your credit on your taxes that you paid the state back well now that congress is extending the program mass housing is following suit."
[0:29]" We started with a five million global market for our for a first time homebuyer tax credit -- to cable program in when you. Comfortable one point three billion of that so war we -- three point seven million left. Which we believe should carriers to route two excuse the corrective extent will -- will extend media to -- credit."
[0:50]" Why are you I guess basically going in lockstep with what they're doing on the hill with regard to credit."
[0:56]" we think this a great. Great thing for the consumer for the first time Omar -- believe we're seeing some real results will do we we think that a lot of people or defensible whether an operation by their first home have gone into the market do you -- take advantage of people that we offer that they can get some money up front for. Closing costs -- Are -- came in ought to -- to give you a tax credit on the -- end of their perches Wednesday a different tax return. Home do you have a number of record in the news in the past. Few years and we are on a -- this year to. To do what we did last year in just three months we did -- 450 million bottles were first mortgages last year. We're on a case right now that would put us on news of accountability. We can't say that it's so totally all connected to that to the tax credit. But Eric totally -- have -- realtors which are small wonders. That there are people market they have been spurred by this and we think this -- Great -- and we've -- money -- and so -- You know we're very -- that the talks -- the."
[2:01]" Now don't the whole reason for doing this this this 8000 dollar -- was basically to get people over the hump until they could claimed credit on their taxes. Now if in fact the purchases take place after the first student here. On we're talking about something that would be for the following tax year how does this work out in terms of repayment and not being charged interest."
[2:26]" We still workable details on when that folks will have to page. On the extension. Right now on the original deadline was November 30 soul if folks paid off -- second mortgage by next June 1. There would be no interest. If they decided not to -- for the appointment would be rolled into the air. Well first orbital -- and it would just amortize. Now we were actively working right now to terminal way and we would expand. The column. The zero interest payment for the extension which would you know people won't after November 30 of this year and in. Most likely would be -- June to want eleven to is a lot been finalized yet because obviously folks file there. -- complex returns. For two point and if they purchase --"
[3:22]" Tom I don't mean -- to catch him by surprise here but the people that have taken advantage of this. Did they come from anyone part of the state argued that come from any one demographic group of mostly young people can you give me a little bit of sense of that."
[3:36]" I don't really have the demographic multiple first time homebuyers folks that are under the age of 645. But just anecdotally looking. Some of the communities where -- tax credit -- it's all over the state owned company literally from Abington. Two Leominster. And north oh -- roll hall toward stir. The self critical Springfield so we we help wonders set up across stayed in and people taken advantage of -- across state."
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