TALLAHASSEE, FL--(Marketwire - April 3, 2009) - Florida's floundering economy could get a $4.3 billion shot-in-the-arm, if state leaders convert a new federal tax credit for first-time homebuyers into upfront cash for a down payment. That's the finding of a new economic study that boosts a consumer group's urgent advocacy to take advantage of this time-limited opportunity.

"This money disappears on Dec. 1. We need to act now to rebuild Florida's housing market with the help of the tremendous opportunity afforded by the federal stimulus package," said consumer advocate Walt Dartland. "An economic infusion of this magnitude could be the ticket to jump starting Florida's economy and putting Floridians back to work."

Supporting that viewpoint is a new poll by Mason-Dixon Polling & Research that found 65 percent of Floridians say it's important or very important for state leaders to come up with a plan to frontload the federal tax credit, and 94 percent believe it's important for Florida's leaders to find ways to stimulate the state's economy.

The new economic impact analysis by the Washington Economics Group (WEG), based in Miami, also concluded that front-loading the homebuyer tax credit would create 33,206 new jobs and generate $514 million in federal, state and local tax revenues in a state that has been among the hardest hit by the recession.

The federal stimulus package provides a tax credit of up to $8,000 for "first-time homebuyers," defined as people who have not purchased a house in the past three years. But many qualified buyers won't be able to take advantage of the tax credit because they don't have the cash upfront to make a down payment.

An alliance of consumers, lenders, Realtors and builders are pushing Florida leaders for a "Florida Formula" to take advantage of the federal tax credit. The alliance includes the Consumer Federation of the Southeast, Florida Home Builders Association, Florida Bankers Association, Florida Association of Realtors, Florida Credit Union League, Florida Manufactured Housing Association, Florida Association of Mortgage Brokers, Latin Builders Association and the Builders Association of South Florida.

For more information, or to view the WEG study and Mason-Dixon poll, visit www.consumerfederationse.com.