Helping New Yorkers achieve their dream of homeownership

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NEW YORKERS OVERWHELMINGLY SUPPORT
THE NY FIRST HOME INITIATIVE

84%

84 percent of New Yorkers support the NY First Home proposal.

80%

80 percent agree the New York legislature should prioritize a first-time homebuyer incentive.

80%

80 percent of New Yorkers believe that buying a home is a good financial decision.

NY First Home removes barriers to homeownership.

THE CHALLENGE

For many hardworking New Yorkers who want to buy their first homes, barriers such as high-downpayment requirements and closing costs prevent them from realizing their dreams of home ownership.

Although interest rates remain at historic lows, research from the National Association of REALTORS® shows a significant decline in homeownership and – worse still – the percentage of first-time home sales is at its lowest levels in decades. Learn more…

THE PLAN

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.

A real plan for real help