I would be interested to know how people are feeling about this program now. Paul seems to have gone off radar for the time being.

I have been looking at the Mississippi program for a while. Obviously the accelerated depreciation on these properties is very attractive (If you Qualify), and the forgivable SRAP loan is also very attractive.

Hard to know who to believe in the promo game, and the whole area is not one I would invest in, without the incentives.

That said, if you put down $30K on a solid house, and you get back $36.5K within a year, it is a pretty good deal. Add the accelerated depreciation, which could be worth another $20K, and it becomes a really sweet deal.

You do need to realize that the SRAP2 funding is not guaranteed, and the program ends in December 2008. Also, the $36.5K is in the form of a forgivable loan, and that money will be taxable income, when the loan is forgiven after 5 years.

Please let me know what you have experienced. Is it as good as it sounds ?

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