A new housing bill passed by Congress and signed by the president allows first time home buyers a huge chunk of change in a form of a tax credit.

But many are not happy to hear that there is a catch.

The bill allows a first time home buyer up to $7,500 to be used towards federal taxes for 2008 or 2009.  It sounds good to most, but many might not know that you have to pay it all back.  That's right, $500 a year for 15 years.  So when you boil it down, the tax credit is nothing more than interest free loan for up to $7,500.

The goal of the tax credit is to help jump start the housing market, and it is expected to benefit hundreds of thousands of buyers as long as they know they have to pay up.

ABC 6 reporter Erica Ricci has more...