First Time Homebuyer Savings Account Act recently passed the Legislature after the State Senate gave the bill it’s final approval. Prospective Colorado first time homebuyers, and the State, will benefit by their great work.
A First-time Homebuyer Savings Account (FHSA) allows any Coloradan to set aside up to $50,000 toward the costs of purchasing a new home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever. FHSAs are a great way for future homeowners to start saving early for the costs of buying a home. These accounts will be simple and easy to set up. Not only can you open a new one, you can also transfer money from one existing savings account to a FHSA.
For more information please see Frequently Asked Questions