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, industrial loan association, consumer finance
company, credit union, insurance company, safe deposit company,
money market mutual fund, benefit association 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, 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
condominium, cooperative or planned community.
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