HELPING OREGONIANS BUY HOMES
In March, 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 is set to begin on January 1, 2019, allowing
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.
HOW THE PROGRAM WORKS
Qualified savings would be held in a special account
opened at any participating Oregon bank or credit
union. Deposits into the account would be tax
deductible up to $5,000 a year for individual filers and
$10,000 a year for joint filers, with a maximum
contribution of $50,000 over 10 years. Interest earned on
the account would also be tax free.
Funds in the account must be used for a down payment
or other closing costs associated with the purchase of an
existing home or construction of a new home, of any
type, and could only be used by people who have never
owned a home or who have not owned a home in the
last three years.
For more information
about the program visit: