A bill advancing through the New Jersey Legislature would create a tax-free savings account program to help first-time homebuyers accumulate the money for a down payment.

Money deposited in those accounts would be excluded from gross income, said Assemblyman Troy Singleton.

"We realize that one of the biggest stumbling blocks for folks trying to get their first home is having the resources necessary to make that first payment," said Singleton, D-Burlington. "So what we've tried to do is mimic the highly successful 529 plans that folks have used for college education."

Arnold Cohen with the Housing and Community Development Network of New Jersey said it will not be just young potential homebuyers who would be helped.

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