On our 130 point add-on (the minimum to get the incentive) we got $5 off per point (so $90 per point) and the APs, and since we were buying phase 1 points still, we also got all of this year's points. Pretty sweet deal IMO.
The alternative was to buy phase 2 points (no payments until your building opens) and get $10 a point off (so $85 per point) with APs (or II exchange) but no current UY points.
$5 per point differential for current points? I'll take the points thx.
I am prety sure that the AP incentive was just for current owners, and for CA residents.