NYSAR Greenlights Support to Study a NYS Bill to Help First-time Homebuyers

Last week, NYSAR’s Issues Mobilization Committee approved funding for an economic impact study and fiscal analysis of legislation by State Senator Jeremy Cooney (D-Rochester) and Assemblymember Phil Ramos (D-Brentwood, Central Islip) to create a statewide first-time homebuyer savings account program. The proposed bill ( S.6574/A.6933), 

would allow New Yorkers to deposit up to $10,000 every year in a dedicated savings account for the sole purpose of purchasing a first home in New York State. Prospective homebuyers could then deduct these savings from their state income tax returns. The results of this report will be used to enhance lobbying and public awareness efforts next year.