Establishes a deferred loan program for first-time home buyers to offset closing costs.
The Act creates a program for deferred loans to first-time home buyers, up to the lesser of the closing costs or one percent of the purchase price. The loan becomes due when the home is sold, the borrower moves out, or if it is a mobile home, when it is moved out of state. The program runs for three years, from 2026 to 2028. The Department of Revenue administers the program, with claims processed on a first-come, first-served basis, up to 500 per year. The Act declares an emergency, effective on passage.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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