Westmoreland Review

State Representative Jill Cooper has highlighted a new initiative aimed at assisting first-time homebuyers in Pennsylvania. House Bill 126, which passed the House earlier this year and is currently under Senate review, proposes the creation of the First-Time Homebuyer Savings Account Program within the Pennsylvania Treasury.

The program would allow individuals to open savings accounts specifically for purchasing a single-family home. Contributions to these accounts could be deducted from state income tax, with account holders able to deposit interest, earnings, and other additions from public or private sources. The maximum contribution over ten years is capped at $50,000, with annual limits set at $5,000 for single taxpayers and $10,000 for joint filers.

Rep. Cooper expressed her support for the bill by stating: "The result would be an overall positive impact on Pennsylvania’s economy, spurring additional economic activity, job creation and earnings for households." She also noted that the National Association of Realtors' statistics indicate a significant decline in first-time homebuyers since 2009 due to rising housing market costs.

The proposal mirrors existing programs like PA 529, designed to save for higher education and disability expenses. Contributions can also come from family members such as parents or grandparents.

The economic impact of this initiative could be substantial. Estimates suggest it may lead to an increase of 4,000 home purchases annually in Pennsylvania and potentially boost the state's economy by up to $68.8 million.

In addition to discussing House Bill 126, Rep. Cooper shared information on other local initiatives. The PennDOT Innovations Challenge invites high school students across Pennsylvania to devise solutions for real-world transportation issues. This year's challenge focuses on seat belt safety awareness and behavior change. Regional winners will present their ideas to PennDOT officials with a chance to win awards totaling $6,000.

Additionally, Rep. Cooper announced a town hall meeting scheduled for October 10th in Slickville addressing local power surges and other current events affecting residents.

Lastly, Fire Prevention Week begins on October 6th with a focus on smoke alarm safety under the theme "Smoke Alarms: Make them Work for You." The National Fire Protection Association advises installing alarms in key areas throughout homes and regularly testing them monthly.