![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiPz4KPHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHhtbG5zOnhsaW5rPSJodHRwOi8vd3d3LnczLm9yZy8xOTk5L3hsaW5rIiB3aWR0aD0iMTQ4Ny41cHQiIGhlaWdodD0iMTkyNXB0IiB2aWV3Qm94PSIwIDAgMTQ4Ny41IDE5MjUiIHZlcnNpb249IjEuMiI+CjxnIGlkPSJzdXJmYWNlNSI+CjwvZz4KPC9zdmc+Cg==)
residence in this Commonwealth by a qualified beneficiary.
"Department." The Department of Revenue of the Commonwealth.
"Eligible costs." The down payment and allowable closing
costs for the purchase of a single-family residence in this
Commonwealth by a qualified beneficiary. Eligible costs shall
not include costs incurred prior to the establishment of a
first-time home buyer savings account.
"Financial institution." A bank, trust company, savings
institution, credit union, broker-dealer, insurance company and
mutual fund or similar entity authorized to do business in this
Commonwealth.
"First-time home buyer." An individual who resides in this
Commonwealth and has not owned or purchased directly or through
a trust, limited liability company, partnership or other legal
entity, either individually or jointly, a single-family
residence during the three-year period prior to the purchase
date of a single-family residence.
"First-time home buyer savings account." An account
established under section 3.
"Qualified beneficiary." A first-time home buyer who is
designated as a qualified beneficiary by the account holder of
the first-time home buyer savings account.
"Settlement statement." A statement of receipts and
disbursements from a real estate transaction, including a
statement prescribed under the Real Estate Settlement Procedures
Act of 1974 (Public Law 93-533, 88 Stat. 1724).
"Single-family residence." A single-family residence owned
and occupied by a qualified beneficiary as the qualified
beneficiary's principal residence, which may include a
manufactured home, trailer, mobile home or a unit in a
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