PA Home Buyers May Get New Option

Legislation to help Pennsylvanians purchase their first home has won unanimous approval in the state Senate. The bill would create the First Time Homebuyers Savings Account Program, allowing would-be purchasers to save up to 50 thousand dollars over a ten year period which can be used towards a down payment and closing costs. State Senator Bob Mensch says it's designed to boost the rate of home ownership which has fallen significantly since the financial crisis of 2008. Mensch says this tax-deductible program could result in as many as 4 thousand additional home purchases in Pennsylvania. A similar bill cosponsored by Representative Ryan Bizzaro is pending in the House.