Bill passes PA house aimed at helping first-time homebuyers

( WJET/WFXP )– Pennsylvania’s House of Representatives passed a bill Friday morning the author said will help residents save up for buying their first house and increase the number of first-time homebuyers.

The House passed H.B. 126 proposed by State Rep. Ryan Bizzarro which would allow first-time homebuyers to deposit cash into a savings account held in the state treasury.

The money for these accounts would be deducted from residents’ income tax to use for a downpayment and closing costs on single-family homes while also allowing family and friends to contribute to the account.

“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,” said Bizzarro.

In a release, Bizzarro cited the National Association of Realtors’ data showing a significant decrease in first-time homebuyers in the last few years and estimates the bill could result in an annual increase of 4,000 home purchases in Pennsylvania.

Get the latest news, weather forecasts and sports stories delivered straight to your inbox! Sign up for our newsletters .

The bill now heads to the Pennsylvania Senate for consideration.

For the latest news, weather, sports, and streaming video, head to WTAJ - www.wtaj.com.