Here is an excerpt from the July Update provided by the CA Franchise Tax Board:

Important Update (07/13/10): Franchise Tax Board to accept additional First-Time Buyer applications.

As shown in the numbers below, we have received First-Time Buyer applications totaling more than $100 million. We announced in June that we would accept at least 28,000 applications since many we have received are duplicate, revised, or invalid applications. Since that time, we are noticing more and more duplicate and invalid applications in our sampling. Because our computer system is expected to be released by the end of next week, we will soon be able to better estimate the number of possible duplicates. So that we do not risk cutting off the program too soon, we will wait for the computer system to be released before we determine when to stop accepting First-Time Buyer applications. We will continue to update the estimated total number of First-Time Buyer applications each business day. We will announce the cut-off date on this webpage at least one full day before we stop accepting First-Time Buyer applications. The additional applications will be subject to the availability of remaining credits. We will only issue approved certificates of allocation until the $100 million is exhausted. (Updated 07/13/10)

We have not processed any applications yet as our computer system is still being developed. Once our computer system is completed, we will provide weekly updates on the number of certificates that have been mailed and the amount of credits that have been allocated. (Updated 06/17/10)

Fax delays
Due to the high volume of faxes we are receiving, you may experience some delays or difficulties in connecting to our fax number during normal business hours. It can take several minutes or possibly up to an hour to connect and transmit the fax. If you receive a busy signal, try again later. Check your fax confirmation to make sure all pages were transmitted successfully and keep a copy of the fax confirmation. Our fax number is open 24 hours a day so you may fax your application to us during non-business hours when the line is not so busy.

Applying for the 2010 New Home/First-Time Buyer tax credits: Applications must be faxed after escrow closes. We will deny the application if the 2009 form is used, we receive the 2010 application before May 1, 2010, or we receive the application before escrow closes. (Updated 04/28/10).

The New Home / First-Time Buyer Credits are available only for purchases that close escrow on or after May 1, 2010.

To read the full report click the link below.

http://www.ftb.ca.gov/individuals/new_home_credit.shtml