HARRISBURG – A PA House Committee has approved a bill that would allow the creation of first-time homebuyers savings accounts. The Housing & Community Development Committee supported House Bill 126 which would permit first-time homebuyers to deposit money into a savings account held in the state Treasury, for the exclusive purpose of purchasing a first home. The money could be deducted from their state income tax, and family or friends can also contribute. Money deposited into the accounts can be used to pay the down payment and closing costs for the purchase of a single-family home in PA. The legislation now heads to the full state House.
