Senator Brooks votes against the repeal of bill to help first-time homeowners buy a home

ALBANY — Just months after approving it, New York lawmakers have begun repealing a law that would give first-time homeowners a chance to put away $10,000 in tax-free accounts to use toward a down payment.

The reason: It seems not enough study was done about the ramifications.

Dubbed the “New York First Home” bill, the measure would allow prospective first-time home buyers to save for a down payment by putting away up to $10,000 per couple ($5,000 for an individual) in tax-free accounts similar to the state’s 529 College Savings Program. The deposit would remain untaxed as long as the holder withdraws it only to purchase a home in New York as a primary residence and stay there at least two years.

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