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Representative outlines exploratory plan to use deferred‑tax fund for small closing‑cost grants
Summary
Rep. E. Warner Raschke presented House Bill 4051 as an idea to provide up to 1% of a home’s purchase price (with a 3% down requirement and a proposed applicant cap) to help first‑time buyers with closing costs, funded by surplus in the Homestead Property Tax Deferral Program; committee members asked detailed questions about repayment, caps and implementation timelines.
Representative E. Warner Raschke presented an exploratory concept for House Bill 4051 during an informational segment of the House Committee on Housing and Homelessness on Feb. 19, describing a pilot approach to help first‑time homebuyers with closing costs.
Raschke framed the proposal as a way to reuse an underutilized portion of the Homestead Property Tax Deferral Program to help buyers who otherwise can afford monthly mortgages but are stymied by closing costs. "House Bill 4,051 is an idea that I came up with when I was listening to a podcast," Raschke said.
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