PENNSYLVANIA, October 21 - "Department." The Department of Revenue of the Commonwealth.

"Eligible costs." The down payment and allowable closing

costs for the purchase of a single-family residence in this

Commonwealth by a qualified beneficiary. Eligible costs shall

not include costs incurred prior to the establishment of a

first-time home buyer savings account.

"Financial institution." A bank, trust company, savings

institution, credit union, broker-dealer, insurance company and

mutual fund or similar entity authorized to do business in this

Commonwealth.

"First-time home buyer." An individual who resides in this

Commonwealth and has not owned or purchased directly or through

a trust, limited liability company, partnership or other legal

entity, either individually or jointly, a single-family

residence during the three-year period prior to the purchase

date of a single-family residence.

"First-time home buyer savings account." An account

established under section 3.

"Qualified beneficiary." A first-time home buyer who is

designated as a qualified beneficiary by the account holder of

the first-time home buyer savings account.

"Settlement statement." A statement of receipts and

disbursements from a real estate transaction, including a

statement prescribed under the Real Estate Settlement Procedures

Act of 1974 (Public Law 93-533, 88 Stat. 1724).

"Single-family residence." A single-family residence owned

and occupied by a qualified beneficiary as the qualified

beneficiary's principal residence, which may include a

manufactured home, trailer, mobile home or a unit in a

condominium, cooperative or planned community.

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