HARRISBURG, Pa. (WHTM) — On Friday morning, the Pennsylvania House of Representatives passed legislation that will provide help to first-time home buyers.

On Friday, June 28, the State House of Representatives passed State Rep. Ryan Bizzarro’s (D-Erie) legislation, H.B. 126, which would help first-time home buyers.

Specifically, the legislation would allow first-time home buyers to deposit money into a savings account held within the state Treasury with the exclusive purpose of being used to purchase a home.

According to Rep. Bizzarro’s Office, this money could then be able to be deducted from their state income tax; family and friends can contribute to the account as well. The money deposited in this account could then be used to pay the down payment and closing costs for the purchase of a single-family home in the Keystone State.

“We’re one step closer to providing this vital program to Pennsylvanians looking to buy their first house. It’s no secret that the current home-buying process is competitive, difficult and expensive. My bill would help alleviate financial barriers for buyers and help them secure a home for their families,” Rep. Bizzarro said.

According to statistics from the National Association of Realtors, the number of first-time home buyers has decreased significantly over the past few years due to the skyrocketing housing market.

It is estimated that this program could result in an increase of 4,000 home purchases a year in Pennsylvania.

H.B. 126 now moves to the Senate for consideration.

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