PRESIDENT’S VIEW
The Keys to Homeownership BY JEFFREY JONES
I
t’s true; New Jersey is one of the most expensive states to
In response, we worked with members of the State Legislature
live in the U.S. Does that mean homeownership is out of
to introduce legislation to help first-time homebuyers along
reach? Absolutely not. As the conversations around the state
the path to homeownership. The legislation establishes the
have focused on high prices and low inventory, we’ve seen
New Jersey First-Time Home Buyer Savings Account Program
many potential homeowners count themselves out of their own
which will provide tax benefits for certain contributions
American Dream. There are obstacles to overcome in order
and earnings on assets maintained in accounts that were
for New Jerseyans to make the leap to become a homebuyer,
established under the program. The bill was reported out of
but with the right guidance they can get there, and that’s
the Senate Community and Urban Affairs Committee, and
exactly what our new Keys to Homeownership webinar series
now is in front of the Senate Budget and Appropriations
focuses on.
Committee for its second reading.
With the help of a Consumer Advocacy Grant from the
Under the bill, certified first-time homebuyers are allowed a
National Association of Realtors , we’ve assembled a team of
five percent tax credit of up to $15,000, or up to $7,500 if
experts for a series of free virtual seminars around the state.
married and filing taxes separately. The bill excludes the gross
We’re focusing on the positive aspects of the housing market
income earnings on a first-time home buyer savings account,
right now and how, despite some conversations, it is certainly
and the earnings on these accounts are tax-free until they
possibly to buy a home right now.
are distributed from the account. Then, the earnings and the
®
contributions are allowed as a tax credit. The combined knowledge from NJ Realtors and our expert ®
friends from other organizations will provide seminar attendees
For more information visit newjersey.realestate/keys.
with a head start along the path towards homeownership. It’s homeownership 101 with no obligation and no sell. After hosting our first two seminars, we’ve learned the biggest concern consumers have is the cost of entry into the housing market, as demand continues to rise.
NEW JERSEY REALTOR® | July/August 2021 | 5
