![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiPz4KPHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHhtbG5zOnhsaW5rPSJodHRwOi8vd3d3LnczLm9yZy8xOTk5L3hsaW5rIiB3aWR0aD0iMTQ4Ny41cHQiIGhlaWdodD0iMTkyNXB0IiB2aWV3Qm94PSIwIDAgMTQ4Ny41IDE5MjUiIHZlcnNpb249IjEuMiI+CjxnIGlkPSJzdXJmYWNlNSI+CjwvZz4KPC9zdmc+Cg==)
mutual fund or similar entity authorized to do business in this
Commonwealth.
"First-time homebuyer." An individual who resides in this
Commonwealth, is certified as a first-time homebuyer 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 in this
Commonwealth or another state.
"Fund." The First-time Homebuyer Savings Account Program
Fund established under section 4.
"Program." The First-time Homebuyer Savings Account Program
established under section 4.
"Qualified beneficiary." A first-time homebuyer who is
designated as a qualified beneficiary by the account holder of
an account.
"Settlement statement." A statement of receipts and
disbursements from a real estate transaction, including a
statement prescribed under 12 U.S.C. Ch. 27 (relating to real
estate settlement procedures).
"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 townhome,
a manufactured home, trailer, mobile home or unit in a
condominium, cooperative or planned community.
"Tax Reform Code of 1971." The act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971.
Section 3. Bureau of Savings Programs.
The Bureau of Savings Programs is established within the
department to administer the program.
Section 4. First-time Homebuyer Savings Account Program.
(a) Establishment.--The Bureau of Savings Programs is
established within the department to administer the program.
(b) Purpose.--The program shall allow an individual to open
an account under section 6 for a qualified beneficiary. An
individual may contribute money into an account to save for
eligible costs.
(c) Application.--The application for the program shall be
on a form and in a manner prescribed by the department. The
department shall make the application available on the
department's publicly accessible Internet website.
(d) Fund.--The First-time Homebuyer Savings Account Program
Fund is established in the department. The following apply:
(1) The fund shall consist of:
(i) All contributions made by account holders and
all interest, earnings and additions to the fund.
(ii) Any other money, public or private,
appropriated or made available to the department for the
fund from any source and all interest, earnings and
additions to the fund.
(2) The department shall annually submit to the General
Assembly a budget request outlining the operating and
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