First Time Home Buyer Savings Accounts

Exciting news for first time home buyers!

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.

www.oregon.gov/first-homebuyers

www.oregonrealtors.org/advocacy

If you have any questions about this saving programs or would like to talk to a financial consultant to discuss the benefits, please reach out to me. I have a great network of referral partners!

Tiffanie ❤❤❤

Tiffanie Danley | Licensed Realtor in Oregon

KELLER WILLIAMS REALTY PROFESSIONALS

📧 tiffanie@tdrealtygroup.com

📱 503.453.6580 (C)