If signed into law, the NY First Home legislation would help New Yorkers achieve their dream of homeownership.
Modeled after the state’s 529 college education savings program, the NY First Home initiative would function as a dedicated, tax-free savings account program that would allow individual New Yorkers to:
- Deposit up to $5,000 ($10,000 for couples) of after-tax dollars annually.
- Receive a state income tax deduction on the principal.
- Apply the savings and any interest earned towards the purchase of a first home in New York State.
The New York First Home proposal has garnered the support of 114 senators and Assemblymembers from across New York State. The NY First Home Program would allow individuals and couples to put aside money in a special savings account to be used for the upfront costs associated with purchasing a first home in New York State. ~ NYSAR
Visit www.nyfirsthome.com for more details on this Proposal.
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