CA Bill Aiming to Keep the Dream of Homeownership Alive Advances

FRESNO, Calif. (KMJ) — Legislation allowing first time buyers to open a “Homeownership Savings Account,” has cleared the California Assembly Committee on Housing and Community Development.

Assemblyman Marc Steinorth believes the accounts are the best path to middle class wealth and stability.

Steinorth says, “The California housing crisis has made it nearly impossible for aspiring middle class families to be able to afford a home. My goal, as your representative, is to be able to help create pathways, so that you can save money towards the purchase of your first home.”

First time home buyers would be allowed to contribute up to $10,000 a year, which would be exempt from income tax, if the funds are used for a down payment or closing expenses.

The measure heads to the California Assembly Committee on Revenue and Taxation.