New York State’s REALTORS applaud NYS Legislature’s passage of nation-leading NY First Home bill
Albany – June 20, 2017 – The following is a statement by New York State Association of REALTORS® President Dawn M. Carpenter:
“The New York State Association of REALTORS® (NYSAR) and its 55,000 REALTORS® applaud the members of the New York State Legislature for taking action to help more New Yorkers achieve the American Dream of homeownership in communities across the Empire State.
Every day REALTORS® work with aspiring first-time homebuyers who can afford the monthly mortgage payment, but struggle to save enough for the upfront down payment and closing costs. NY First Home will help families and individuals overcome these barriers to homeownership. Under the program, New Yorkers can save for the down payment and closing costs of their first-home purchase while receiving a tax deduction 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. This program will encourage our young people to plant their roots here, which will help our state stem the tide of population loss. It’s also a fiscal win for New York State as an independent analysis shows additional home sales would generate $5 for every dollar the state invests in the program.
NY First Home expands on Gov. Andrew Cuomo’s focus on growing our state’s economy, and New York’s REALTORS® look forward to partnering with him to make this nation-leading program a reality.
Editor’s Note: More information about the NY First Home proposal can be found at www.nyfirsthome.com.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 55,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.