Pennsylvania 2025-2026 Regular Session

Pennsylvania House Bill HB818

Introduced
3/5/25  
Refer
3/5/25  
Refer
5/7/25  
Report Pass
5/12/25  
Engrossed
5/12/25  

Caption

Providing for the establishment of first-time homebuyer savings accounts for first-time homebuyers in this Commonwealth; establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Fund; and imposing duties on the Treasury Department.

Impact

The introduction of HB 818 is expected to have a significant impact on state laws regarding real estate transactions and homebuying practices. By facilitating a savings strategy for first-time buyers, the legislation aims to improve accessibility to home ownership among individuals who may struggle to accumulate necessary funds for down payments. This could lead to increased home ownership rates in Pennsylvania, providing economic stability and growth within communities, reflecting a broader trend toward housing affordability initiatives.

Summary

House Bill 818, titled the First-Time Homebuyer Savings Account Act, establishes a savings program aimed at assisting first-time homebuyers in Pennsylvania. The bill introduces first-time homebuyer savings accounts that allow individuals to deposit funds specifically for purchasing a single-family residence, providing a structured way to save for down payments and associated closing costs. The program will be administered by the Treasury Department and will set forth parameters for fund contributions and usage, including tax deductions on contributions made into the accounts.

Sentiment

The sentiment around HB 818 appears positive, particularly among advocates of homeownership and financial assistance programs. Proponents view it as a vital step towards empowering first-time buyers, thereby addressing long-standing issues of affordability within the housing market. However, there may be lingering concerns regarding the effectiveness of such programs in truly alleviating financial barriers faced by potential homeowners, specifically amongst low-income demographics and marginalized communities.

Contention

Notable points of contention regarding HR 818 could include debates over the eligibility criteria for account holders and beneficiaries, as well as the cap on contributions that may limit the effectiveness of the savings accounts in substantial market conditions. Additionally, discussions may arise around the administrative duties imposed on the Treasury Department and the program's overall efficiency in managing and disbursing funds effectively for the intended purpose. There may also be scrutiny regarding how these accounts interact with existing state and federal homeownership assistance programs.

Companion Bills

No companion bills found.

Previously Filed As

PA HB126

Establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Program Fund; and imposing duties on the Treasury Department.

PA HB2224

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

PA SB295

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

PA HB2192

Providing for business catastrophe savings accounts.

PA HB1745

In personal income tax, further providing for classes of income; and providing for 529 savings account employer matching contribution tax credit and tuition account programs.

PA HB1267

In tuition account program, further providing for declaration of policy, for definitions, for Tuition Account Programs Bureau, for powers of department, for Tuition Account Guaranteed Savings Program, for Tuition Account Investment Program, for general provisions governing both tuition account programs and for Federal taxation; establishing the Keystone Scholars Grant Program and the Keystone Scholars Grant Program Account; and making a repeal.

PA SR134

Urging the Federal Housing Finance Agency to rescind changes to Fannie Mae's and Freddie Mac's single-family pricing framework for home purchases, rate-term refinance and cash-out refinance loans that affect homebuyers in this Commonwealth.

PA HB1579

Providing for Commonwealth grant accountability and transparency.

PA HB514

Providing for individual empowerment scholarship accounts; and establishing the Pennsylvania Empowerment Scholarship Accounts Program, the Department of Education Empowerment Scholarship Fund and the State Treasurer Empowerment Scholarship Fund.

PA SB1143

In personal income tax, further providing for classes of income; and providing for 529 savings account employer contribution tax credit.

Similar Bills

PA HB126

Establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Program Fund; and imposing duties on the Treasury Department.

PA SB803

Providing for the establishment of first-time homebuyer savings accounts for first-time homebuyers in this Commonwealth; establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Fund; and imposing duties on the Treasury Department.

PA SB295

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

PA HB2224

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

PA HB225

Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.

MA S2847

Site Information & Links

PA HB844

Providing for long-term services and supports; establishing the Long-Term Services and Supports Commission, the Long-Term Services and Supports Council and the Long-Term Services and Supports Trust Fund; imposing duties on the Department of Human Services and the Department of Revenue; and imposing a payroll premium.

MA H3041

Encouraging home ownership by establishing a first time home buyers savings account