During the short 2018 Legislative Session, the Oregon Legislature took a significant step toward addressing the state’s affordable housing crisis by passing House Bill 4007, establishing a First-Time Home Buyer Savings Account program statewide.
The program will allow Oregonians to take a state tax deduction for saving money towards a down payment and other related costs associated with the purchase of their first home. The program takes applies to tax years beginning on or after January 1, 2019.
The funds in the account would have to be used for a down payment or other closing costs associated with purchase or construction of a home.
The account can be opened at any Oregon bank or credit union.
The savings account would be available to people who have never owned a home or those who have not owned a home in the last three years.
Families could save up to $50,000 including deposits and interest earned on the account over a span of 10 years.
Additional information about this program can be found by clicking these links.