For Immediate Release: January 8, 2018

Contact: Gary Ginsburg | ginsburg@nysenate.gov | 518-455-2415

Statement From Senate Democratic Leader Andrea Stewart-

Cousins on GOP Repeal of NY Home Savings Program
“The Senate Democratic Conference could not vote for a repeal of this important program while
Republicans in Washington are trying to hurt Middle Class New Yorkers by removing an
important tax deduction. This program would help millions of New Yorkers save up for their
first homes, just as 529 accounts help parents save for their children’s education. Attempts to
repeal this measure would harm hard working New Yorkers at a time when they are already
getting pounded by detrimental federal tax changes.”

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BACKGROUND:
New York First Home Savings Program legislation:
https://www.nysenate.gov/legislation/bills/2017/s4058/amendment/b

Repealer Bill passed by Senate Republicans:

https://www.nysenate.gov/legislation/bills/2017/s7316

Article on the New York First Home Savings Program:

Buying a first home? NY wants to make it easier
https://www.democratandchronicle.com/story/news/politics/albany/2017/06/21/buying-
first-home-ny-wants-make-easier/103068890/

How Some States Are Helping First-Time Home Buyers

https://www.nytimes.com/2017/12/08/your-money/first-time-home-buyers.html

Gov Cuomo signs First Home Savings Bill

http://blog.timesunion.com/johnmcdonald/gov-cuomo-signs-first-home-savings-
bill/4943/

Long Island Communities Offer Incentives To First-Time Home Buyers

http://newyork.cbslocal.com/2017/10/13/li-offers-incentives-to-homeowners/

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New York State Senate | DemocraticConferenceNews@nysenate.gov | 518-455-2415