A new program announced Tuesday by the Iowa Finance Authority (IFA) is designed to provide tens of thousands of dollars in federal tax relief to hundreds of first time home buyers in the state. IFA Executive Director Dave Jamison says a program of this type hasn’t been offered in Iowa since the mid-1990s. The Take Credit! Mortgage Credit Certificate program allows eligible home buyers to qualify for up to $2,000 a year in federal income tax credits through the life of the mortgage. “Potentially, that’s a $60,000 difference to somebody,” Jamison says.

Eligibility for participation in the program varies by county, “But, we can roughly say if the household income for two is under $70,000 and the home purchase price is (under) $250,000, you’re in the ballpark,” Jamison says. The IFA has allocated $50 million toward the program.  “We expect that will help approximately 1,000 Iowans and it will run until the $50 million is allocated — or about a year is what we expect,” Jamison said.

About 100 lenders in Iowa are participating in the program. More information is available online at iowafinanceauthority.gov

(Radio Iowa)

Officials in Iowa say tourism spending in the State in 2011 amounted to more than $430-million in state and local taxes, with spending in Council Bluffs and Pottawattamie County amounting to nearly $300-million that same year, the latest year for which figures are available. The Omaha World-Herald reports the number of employees in the county with tourism-related jobs topped 3,200 with a payroll of more than $52 million.

Iowa lawmakers got a chance to see the numbers at a statewide tourism convention held last week in Des Moines. More than 100 state legislators visited the convention at the Iowa State Fair Grounds, where dozens of Iowa communities showcased their attractions, events and businesses.

Tourism officials say without tourism spending, Iowans would have to pay more in taxes to maintain the current level of state services.