Tell legislators to take action on First-Time Homebuyers Savings Account bill

It’s time to tell legislators to move the First-Time Homebuyers Savings Account legislation before the session ends.

“Time is running out in this legislative session and we want to continue the momentum we’ve had on the First-Time Homebuyers Savings Account legislation,” said PAR President Todd Umbenhauer. “We’ve set a goal of getting 25 percent of our members to respond to this new Call-to-Action. It is critically important for consumers and our industry.”

“The program would have a positive effect for a great number of consumers who find saving toward the purchase of a home so overwhelming,” Umbenhauer said. “We saw a lot of legislators support the First-Time Homebuyers Savings Account legislation when it was introduced earlier this year. We’d like to encourage legislators to talk to their leadership to get a vote on the bills that are in the House and Senate.”

The program would allow Pennsylvanians to save money toward the purchase of a home and the money saved would qualify as a tax deduction on their state income tax. Parents and grandparents would be eligible to save for children and grandchildren as well. And research from the National Association of Realtors® shows that more than 80 percent of Pennsylvanians support the First-Time Homebuyers Savings Account program.

Many first-time homebuyers need help overcoming some of the obstacles to homeownership. Low wages and college debt make it difficult for young people to save money to purchase their first home. Research conducted for PAR showed that 56 percent of Pennsylvanians identified college student loans as an obstacle to homeownership. And a recent study by LendEDU ranked Pennsylvania as having the highest average college loan debt per borrower at $35,185.

Several states have passed similar legislation, including Iowa, Mississippi, Montana, New York and Virginia and more than 10 other states have introduced new first-time homebuyer savings account legislation.

Contact your legislators today. For more information on the program, visit FirstHomePA.com.