HARRISBURG, Pennsylvania (WHTM) – On Friday morning, the Pennsylvania House of Representatives passed a bill to provide assistance to first-time home buyers.

On Friday, June 28, the state House of Representatives passed Rep. Ryan Bizzarro's (D-Erie) bill, HB 126, to help first-time homebuyers.

Specifically, the bill would allow first-time home buyers to deposit money into a Treasury savings account to be used exclusively for the purchase of a home.

According to Rep. Bizzarro's office, this money could then be deducted from state income taxes; family and friends can also contribute to the account. The money deposited in this account could then be used to pay the down payment and closing costs to purchase a single-family home in the Keystone State.

“We are one step closer to offering this important program to Pennsylvania residents looking to purchase their first home. It's no secret that the current home buying process is competitive, difficult and expensive. My bill would help reduce the financial barriers for buyers and help them secure a home for their families,” said Rep. Bizzarro.

According to statistics from the National Association of Realtors, the number of first-time home buyers has declined significantly in recent years due to the rapidly growing real estate market.

It is estimated that this program could increase home purchases in Pennsylvania by 4,000 per year.

HB 126 will now be submitted to the Senate for review.

abc27 news will keep you updated as new information becomes available.