I thought it's for new buyers. IE you haven't owned a home in X years.
A TM is not real property. It is personal property. You pay personal property tax on it. However the interest you pay on it can be deductible like real property. This has little to do with the tax credit you are talking about. Also make sure it's a credit and not a deferment of tax. There were several bills floating around that I lobbied for last year in DC. None were the CA one though.
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