NY First Home
Ask Gov. Cuomo to Sign NY First Home into Law
The NY First Home legislation (S.4058-B,Little/A.5616-B,Ramos) was passed in the State Senate and State Assembly in June, and if enacted, would assist people across New York state achieve the dream of homeownership. The initiative would allow New Yorkers to establish a first home savings account to help them save for rising closing costs and down-payment requirements which are creating serious financial barriers for future homebuyers.
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 annually ($10,000 for couples) in a special savings account to go toward the purchase of a first home in New York State;
- Receive a state income tax deduction on the principal investment and any gains would NOT be subject to state income tax;
- Apply the savings and any interest earned toward closing costs and down payment for the purchase of a first home in New York State.
Take Action
We need your help! Please TAKE ACTION and tell Gov. Andrew Cuomo to sign our NY First Home bill into law! Both houses of the state Legislature passed the bill in June, but now we need the governor to approve it.
The petition is open to the public, so please share this link on Facebook and social media to help remove barriers to homeownership and help more New Yorkers achieve the dream of owning a home of their own.
More information available at nyfirsthome.com