• CA State FTHB Tax Credit will be fully allocated by next week. As of June 22 applications totaled $91,404,000. The state will stop accepting applications at $100,000,000.

• CA Housing Finance Agency allocated $699.6 million from federal TARP “Hardest Hit Fund” to implement a plan that includes earned principal forgiveness, funds to address loan arrearages, mortgage payment subsidies to unemployed families and funds to help families find housing after short-sales. CalHFA expects programs to be fully implemented by fall.

This information was provided by Brownie Stanisch, of Prospect Mortgage (bronwyn.stanisch@prospectmtg.com.)

So it rained and rained and rained. And my Cal Classic French door, installed after the 1994 earthquake, leaked and leaked and leaked. We hadn’t planned on replacing it soon, but Mother Nature intervened. Within a few weeks we will be the proud owners of two new Energy Star French doors.

Yes, two doors, because the Cal Classic in the kitchen is dog-ravaged. The only silver lining here, other than having nice new doors, is that a federal tax credit is available on our purchase (not installation and finishing though).

With the passage of the American Recovery and Reinvestment Tax Act of 2009, homeowners who purchase “qualifying products” are eligible for a tax credit equal to 30 percent of the product cost. Installation is not included. For windows, doors and skylights, homeowners must obtain a manufacturer certification statement to be for the tax credit; the maximum tax credit for the current year for all improvements combined is $1,500 (including roofing, insulation, HVAC, and water heaters).

Remember: A tax credit is generally more valuable than a tax deduction or tax allowance of the same amount because a tax credit reduces tax directly, whereas a deduction or allowance only reduces taxable income.

For more information, visit www.Energarstar.gov, the ENERGY STAR Rebate Finder, or www.MyEnergyTax.com.

By the time our days are sunny and warm, with nary a cloud in the sky, our new doors should arrive. Meanwhile, let the old doors leak away and be scratching post for our dogs. And since the tax credit on the two new doors doesn’t quite add up to $1,500, let’s see what else we could fix ….