$8000 Minneapolis Duplex Tax Credit Dates Lindsay Lohan

Not to be outdone by TMZ, the $8000 tax credit rumor mill is buzzing that the on again off again monetization of the credit for use as a down payment mentioned earlier this month by HUD Secretary Shaun Donovan appears to be on again.

Then again, according to a Wall Street Journal report, the program was never off.  The FHA may well have simply needed to iron out some issues and get White House approval before the program can make its debut.

Once in place, the Journal anticipates it may take several weeks for the program to become operational.

The plan had been for FHA approved lenders to be authorized to provide bridge loans to first time home buyers secured by the tax credit the buyer will be receiving.

Nonprofit organizations, as well as state and local agencies would also be authorized to provide the loans in the form of a second mortgage secured by the house.

This program would allow people who haven’t owned a home in the last three years to use their anticipated tax credit as a down payment on property. Of course, this “first time home buyer tax credit” extends to any principal place of residence, including duplexes and other multi-family units.

Both the real estate and home building industries believe this initiative would go a long way toward jump starting the housing market.

And you thought government news wasn’t as juicey as Hollywood’s.