No. of Recommendations: 2
A tax credit provided to buyers....
It seems to me that there's another, more immediate problem to the tax credit. Tax credits are after the fact, not paid until the year after the credit has been "earned," when the creditee files his tax return and collects the credit.
Where is the low-income person, the one who's supposedly being benefited by the credit, going to get the down payment money in the first place? What lender will loan the money on the promise of the credit to be paid later?
Eric Hines
