Why support the First-Time Homebuyers Savings Account Program?

• Low wages and college debt make it hard to save money for a down payment. The First-Time Homebuyers Savings Account Program can make it easier for people to buy their first house by allowing individuals or couples to put money in a savings account for the purchase of a new home.

• Homeownership provides stability, creates memories, builds wealth and strengthens communities, and provides the long-term stability communities need to thrive.

• A First-Time Homebuyers Savings Account Program in Pennsylvania could boost home purchases by up to 4,000 a year, spurring additional economic activity and jobs for Pennsylvanians.

How it works:

• Pennsylvania taxpayers can save up to $50,000 over 10 years toward the costs associated with purchasing a new home.

• The money deposited into the account can be deducted from their state income tax.

• Parents and grandparents can open accounts to benefit their children and grandchildren.

• Money removed from the account for non-approved expenses will be taxed with a penalty.