On Tuesday May 9th, Governor Branstad signed this legislation. The First Time Home Buyer Savings Program will be effective January 1, 2018. This is a culmination of a lot of hard work by Iowa Association of Realtors over the last 4 years. Thank you to everyone that supported this legislation, responded to the calls for action and invested in RPAC. We look forward to helping first time home buyers purchase an Iowa home.
This bill will allow individuals to open an interest-bearing savings account with a state or federally chartered bank, savings and loan association, credit union, or trust company in Iowa and designate the account as a first-time homebuyer savings account. The funds must be used to buy a property in Iowa. For more information, read the full legislation here.
Click the video link below to hear what others are saying about why this program is so important!