Amendment ID: S2397-74-R1

Redraft Amendment 74

Promoting Savings for First time Homebuyers

Messrs. Tarr, O'Connor and Collins move that the proposed new text be amended by inserting after section 37 the following section:-

“SECTION 37A.  The department of revenue, in consultation with the executive office of housing and livable communities, shall conduct a study on establishing a closing costs assistance program to be operated in tandem with a first-time homebuying savings program for income-eligible first-time homebuyers. The study shall include, but not be limited to: (i) an analysis of the impact that such a program would have for first-time homebuyers; (ii) an analysis of the funding necessary to make such a program effective; (iii) recommendations on any income restriction for recipients of grants awarded from such a program that would make the program most impactful; (iv) an assessment of best practices for partnering with financial institutions to implement first-time homebuyer savings accounts; (v) any anticipated cost or revenue impact to the commonwealth associated with such an assistance and savings program; and (vi) the feasibility of and a detailed plan to implement such programs. The department of revenue shall submit its findings and recommendations to the clerks of the senate and house of representatives, the senate and house committees on ways and means and the joint committee on housing not later than January 1, 2024.”.