REALTORS look forward to working with Gov. Cuomo, Legislature to create first-time homebuyer tax incentive program

Statement from New York State Association of REALTORS® President Dawn M. Carpenter

The New York State Association of REALTORS® looks forward to working with state lawmakers and Gov. Andrew Cuomo in 2018 toward the development and implementation of a first-time homebuyer tax incentive. The opportunity to further this important discussion is a result of Monday’s agreement between the Governor and the Legislature.

The agreement directs the state Housing and Community Development and Financial Services departments, as well as the State of New York Mortgage Agency, to “study opportunities for, and implications of, a tax-advantaged first-home savings program.” A report is due by June 30, 2018.

This program would be a significant step in helping New York State retain the talents and energy of families and individuals, who have been struggling to find a path to homeownership here. In 2016 New York State experienced its first population loss in a decade. A first-time homebuyer tax incentive would help New Yorkers set down roots in the Empire State instead leaving, which will build neighborhoods and provide a boost to our state’s economy.

Federal tax reform, which is expected to become law before the close of 2017, also takes a swipe at current and future homeowners in New York State.  We applaud our state leaders for not letting the federal tax code bias against New York State consumers go unchecked.  

REALTORS® across New York State want to thank Governor Cuomo and the bill sponsors, Senator Betty Little (R-Glens Falls) and Assemblyman Philip Ramos (D-Brentwood) for advancing this important concept. Homeownership is a cornerstone of strong communities and for many an effective way to build personal wealth.  The actions by our legislative leaders and the governor have helped make a statement that New York State is committed to building quality of life through homeownership.