Bill > S909

This bill aims to promote savings for first-time homebuyers in Massachusetts. It establishes a closing costs assistance program that provides grants of up to $2,500 to income-eligible first-time homebuyers to help cover closing costs and other fees associated with purchasing a home. The bill also creates a first-time home-buying program administered by financial institutions, allowing individuals to contribute up to $4,000 per year to designated first-time home-buying accounts, with those contributions not considered taxable income. Qualifying distributions from these accounts for first-time homebuyer expenses are also exempt from state income taxes.

Housing and Urban Affairs

https://malegislature.gov/Bills/192/S909