This is House Bill 3221. It has passed the Senate by a vote of 84-12 and at this point is awaiting Prez signature. It will provide for a $7000 credit to be taken over 2 yrs. (3500 ea year). The foreclosed property would have to have been constructed before September 1, 2007. It must be used as your principle residence and if resold or not owner occupied during the first two years the credit will be recaptured.