I wrote about the Georgia home buyer tax credit a couple of weeks ago, but believe it needs mentioning again. While the Federal credit appears to have very little to do with economic stimulus and more to do with socioeconomic engineering, the Georgia tax credit is not limited by income or to first time home buyers. Since most of my business is in Buckhead, Sandy Springs and Dunwoody, the federal tax credit is basically worthless to my clients and meaningless from a stimulus standpoint.
Here is a link to some FAQs; it appears as if the only catch is the property needs to be financially distressed or bank owned. If the goal is to stabilize distressed properties, then the Georgia approach makes more sense, but if the goal is to funnel money to a targeted group of people, then the Federal approach makes more sense.