{"id":29233,"date":"2017-02-02T20:55:35","date_gmt":"2017-02-02T20:55:35","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=29233"},"modified":"2017-02-03T17:01:43","modified_gmt":"2017-02-03T17:01:43","slug":"tax-free-homebuying-accounts-favored-nys","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/","title":{"rendered":"Tax-Free Homebuying Accounts Favored In NYS"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">According to results from a homeownership<span class=\"Apple-converted-space\">\u00a0 <\/span>poll conducted by the Siena Research Institute, 84 percent of New York voters supported the NY First Home proposal that would create a tax-free savings account to help New Yorkers save for a first home. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Support for the program was bi-partisan and spread across the entire state, according to the New York State Association of Realtors.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Specifically, the NY First Home proposal would allow individuals to deposit up to $5,000 per year ($10,000 per year for married couples) into a first home savings account, which would be tax deductible for state income tax purposes. The total principal savings and any interest accrued could then be used towards qualified costs associated with the purchase or construction of a first home in New York state, such as down-payment and other closing costs.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cNY First Home is a responsible and much-needed initiative that would help thousands of New Yorkers who are struggling to save for a first home,\u201d said Dawn Carpenter, president of the New York State Association of Realtors. \u201cThe poll results show that our state\u2019s residents understand what we as Realtors see on a daily basis. The monthly mortgage payment is not what is keeping first-time homebuyers from achieving the American dream. It\u2019s saving for the down-payment and closing costs.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cIt\u2019s clear that New Yorkers want to see NY First Home become a reality, and I join them in asking the governor and legislature to make this proposal a priority,\u201d said Carpenter. \u201cWe would like to see it included in this year\u2019s state budget negotiations.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The Siena poll, conducted in December, showed support for the NY First Home proposal that stretched across all demographics, geography and political ideology. African Americans were most likely to support the proposal (89 percent). Some 92 percent of respondents between the ages 18-34 supported it and almost as many in the 35-54 age bracket gave their support (87 percent).<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to the report, conservative and liberal respondents also shared a common level of support for the proposal (89 percent of liberals and 79 percent of conservatives).<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">NYSAR has focused on the issue of the declining rate of first-time homebuyers in New York state, and has been working to enact NY First Home. The proposal was passed unanimously in the state Senate last June. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">More information on NY First Home can be found at nyfirsthome.com.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"> The New York State Association of Realtors is a nonprofit trade organization representing more than 52,000 of the state\u2019s real estate professionals. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to results from a homeownership\u00a0 poll conducted by the Siena Research Institute, 84 percent of New York voters supported the NY First Home proposal that would create a tax-free savings account to help New Yorkers save for a first home. Support for the program was bi-partisan and spread across the entire state, according to [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-29233","post","type-post","status-publish","format-standard","hentry","category-construction-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Tax-Free Homebuying Accounts Favored In NYS - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Tax-Free Homebuying Accounts Favored In NYS - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"According to results from a homeownership\u00a0 poll conducted by the Siena Research Institute, 84 percent of New York voters supported the NY First Home proposal that would create a tax-free savings account to help New Yorkers save for a first home. Support for the program was bi-partisan and spread across the entire state, according to [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Saratoga Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2017-02-02T20:55:35+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2017-02-03T17:01:43+00:00\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/\",\"name\":\"Tax-Free Homebuying Accounts Favored In NYS - Saratoga Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website\"},\"datePublished\":\"2017-02-02T20:55:35+00:00\",\"dateModified\":\"2017-02-03T17:01:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tax-Free Homebuying Accounts Favored In NYS\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\",\"name\":\"Saratoga Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\",\"name\":\"Jake Van Ness\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"caption\":\"Jake Van Ness\"},\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/author\/jakev\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tax-Free Homebuying Accounts Favored In NYS - Saratoga Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/02\/tax-free-homebuying-accounts-favored-nys\/","og_locale":"en_US","og_type":"article","og_title":"Tax-Free Homebuying Accounts Favored In NYS - Saratoga Business Journal","og_description":"According to results from a homeownership\u00a0 poll conducted by the Siena Research Institute, 84 percent of New York voters supported the NY First Home proposal that would create a tax-free savings account to help New Yorkers save for a first home. 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