The Challenge

Slider


The Challenge

The New York State Association of REALTORS (NYSAR) is supporting far-reaching legislation that will make the NY First Home initiative a reality for millions of New Yorkers across the state.

Whether they live upstate or downstate, our residents struggle to save for their first down payment and afford our nation-leading closing costs.

NY First Home is a win for the people of New York and the state’s economy.

New York is home to some of the best housing opportunities in the nation.

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.

Homeownership strengthens communities, provides stability for families and is essential for building wealth, especially for retirement.

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.

A good financial decision made better

If signed into law, the NY First Home proposal 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 or construction of a first home in New York State.

 

A real plan for real help