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New Program Boosts First-Time Homebuyers

Idea Category: Housing

Homeownership is vital to building a long-term, stable economic foundation, yet rising prices and stagnating wages have made homeownership unattainable for many young people. On Wednesday, Michigan Governor Gretchen Whitmer signed NewDEAL Leader Michigan Rep. Mari Manoogian’s legislation to establish the state’s First-Time Home Buyers Savings Program. The new program will allow residents to open special savings accounts to save for and eventually purchase single-family homes. Contributions and withdrawals from the accounts will be tax-exempt. “Homeownership is a hallmark of the American Dream,” said Rep. Manoogian. “This new program will put young people and new families on the pathway to success and will help our state retain its best and brightest…” Read more about the legislation here.