Some Iowans can now take advantage of a program that will let home buyers reduce their federal tax liability.
The announcement of the Take Credit program was made Monday morning at Gov. Terry Branstad’s weekly press conference. He was joined by the Iowa Finance Authority’s executive director, David Jamison for the event.
“This program will allow eligible Iowans to purchase a home and produce and reduce their federal income tax liability by up to $2,000 per year for the life of the mortgage,” says Jamison.
Gov. Branstad said this new program provides added incentive for Iowans to purchase a home and also lets families in the program keep more of their income that would otherwise be spent on federal income taxes.
The program will help first time home buyers, some military veterans, and home buyers in targeted areas.
Three of those areas fall in Polk County, the first is bordered by West River Drive, 6th Avenue and I-235, the second is bordered by 6th Avenue, I-235 and 13th Street, and the final area is bordered by Southwest 1st Street and Southeast 20th Street on the east and west.