How Some States Are Helping First-Time Home Buyers
Nice work Minnesota!
Efforts to help potential first-time home buyers save for down payments using special tax-favored accounts have been gaining traction in state legislatures.
Three states passed legislation this year authorizing the accounts: Iowa, Minnesota and Mississippi. Three other states had previously approved them: Colorado, Montana and Virginia.
Down payment accounts may be helpful, said Adriann Murawski, state and local government affairs representative with the National Association of Realtors, because rising home prices have made it harder for buyers to come up with the money for them. The association and its state counterparts have actively promoted legislation creating the accounts as a way to help spur home buying.
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