MHProNews has learned from the Iowa Manufactured Housing Association that SSB1170 has
been introduced in the Iowa State Senate to allow the establishment of First Time Homebuyer Savings Accounts.
This would allow single or married persons to open a savings account in the interest of making a down payment on a home, if they have never previously owned a home of any category, including a manufactured home.
The amount allowed is $3,000 a year for single persons and $6,000 per year for married couples. This account is allowed to stay in existence for ten years, anticipating that prospective homebuyers will find a home to purchase in that time period.
A first-time homebuyer’s account will be exempt from individual income taxes in the amount of contributions made during the year, not to exceed $3,000 per individual or $6,000 for a married couple.
The bill, if passed, will take effect on January 1, 2016.
According to the Iowa Manufactured Housing Association, manufactured homes are eligible under this bill, either as real property or as a home in a rental community. ##
(Photo Credit: Wikipedia)
Article submitted by Sandra Lane to – Daily Business News – MHProNews.
