Campaign to pass home savings bill passes with consumer support
New York is among the states that have reached out to consumers to get their support in establishing home buyer saving accounts. In New York, the legislation was called NY First Home and established a program whereby state residents could save for the down payment and closing costs of their first home purchase while receiving tax deductions of up to $5,000 per year ($10,000 for couples) based on those savings.
“NY First Home will make homeownership more easily attainable by helping New Yorkers bridge the gap between where their savings are and where they need to be to receive the keys to their first home,” the New York Association of REALTORS® said in a statement.
In 2017, the state association launched a campaign to pass the bill that included the website nyfirsthome.com, where members and consumers signed a form letter sent directly to their state representatives.
Similar efforts are underway across the country and six states have passed first-time homebuyer savings account legislation. In Mississippi the state association launched its successful campaign with a consumer website, firsthomeMS.org, featuring a clear argument for the consumer benefits of the program.