Harrisburg – February 5, 2020 – State Senator Art Haywood (D-Montgomery/Philadelphia) released the following statement about legislation passed in the State Senate to create a savings account for first-time homeowners in Pennsylvania:
“It is a core feature of the American dream that families buy a home. Residents can reduce upfront down payment and closing cost burden with a tax-deductible homeownership savings account. I am glad my colleagues and I passed legislation allowing those who wish to purchase their first home the opportunity to set tax-deductible savings aside to do so.
This legislation could potentially increase home purchasing by 4,000 new homebuyers annually. A savings account of this nature will help others in the future so they can have a place to not only call theirs, but to use equity for college or business. We can stabilize families and build stronger residential blocks, neighborhoods, and communities with the first-time homeowner savings account.”