California first-time home buyers laid claim to $100 million in just over 100 days, apparently exhausting the supply of money used to fund a three-year state income tax credit of up to $10,000 per applicant.

The Franchise Tax Board announced this week that it officially stopped taking applications as of midnight Sunday from home buyers of qualified principal residences purchased after April 30.

"We have received more than enough to fully allocation the $100 million," according to a statement issued on the FTB's tax-credit information website. "We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted."

The tax credits equal 5 percent of the purchase price, up to a home value of $200,000, split equally over 3 successive tax years. More than 33,000 homeowners were able to participate in the program, the FTB said, indicating that many of the applicants purchased a home at less than $200,000.

The state is continuing to accept applications for a similar tax credit from buyers of new homes in California. That additional allocated $100 million has not been fully reserved, though nearly 80 percent of that money has been spoken for by more than 12,000 buyers, according to the FTB.

"We will continue to accept New Home reservation requests and applications until further notice," the FTB announced on the website. "We will provide weekly updates on the number of certificates that have been mailed and the amount of credits that have been allocated starting Aug. 19."

For more information about the tax credit: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml