New construction tax credit running out!!

I read this morning an interesting article (link below) from CNNMoney.Com. The state set aside $100 million to help home buyers purchasing newly built homes and about 20%of the pot is left. According to the State Franchise Tax Board, the program launched in March and by June 3 nearly $24 million in tax credit certificates had already been issued. That leaves nearly $76 million in credit available - but there are already numerous claims on that money. In fact, if all the submitted applications are approved, only $17.5 million will be left in the fund. And it has a run rate of about $10 million per week. And here is the kicker - in order to get the $10K credit, you have to close the deal BEFORE the money runs out. Most people believe it's just getting the offer accepted - not the case!

Here is the link to the story:
http://money.cnn.com/2009/06/12/real_estate/10000_California_tax_credit/index.htm?postversion=2009061215