Oregon Revised Statutes Chapter 316 § 316.797 — First-time home buyer savings account; restrictions

First-time home buyer savings account; restrictions. (1) An individual may create a first-time home buyer savings account with a financial institution to be used to pay or reimburse eligible costs related to the purchase of a single family residence by an account holder or qualified beneficiary. (2) An individual may jointly own a first-time home buyer savings account with another person if the joint account holders file a joint income tax return. (3) During any calendar year, an individual may be either: (a) The account holder of not more than one first-time home buyer savings account; or (b) The qualified beneficiary of not more than one first-time home buyer savings account. (4) Only cash may be contributed to a first-time home buyer savings account. Subject to the limitations of ORS 316.798 (4), persons other than the account holder may contribute funds to a first-time home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time home buyer savings account. (5) The account holder may not use funds held in a first-time home buyer savings account to pay expenses of administering the account, except that the financial institution that administers the account may deduct a service fee from the account. (6) An account holder may withdraw all or part of the funds from a first-time home buyer savings account and deposit the funds in a new first-time home buyer savings account held by a different financial institution or the same financial institution. [2018 c.109 §3; 2024 c.53 §5]