An Act providing for the establishment of first-time homebuyer savings accounts for first-time homebuyers in this Commonwealth; establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Fund; and imposing duties on the Treasury Department.

Added a new definition for 'Ineligible Use' to specifically prohibit the sale or lease of a single-family residence within three years of the settlement date.

Updated the definition of 'Fund' to reference section 4(c) 3(C) and 'Program' to reference section 4 3, indicating a structural reorganization of the bill's sections.

Changed the repayment timeline for the program's initial costs from a fixed 10-year deadline to a flexible timeline that occurs only when sufficient assets exist to cover program costs.

Added a new provision stating that individuals who are not account holders (but contribute to the account) are not entitled to the tax deduction and exclusion benefits.

Modified the tax exclusion rules to allow deductions for the principal amount up to $50,000 within 10 years, while removing the previous limit on earnings included in that aggregate amount.

Added specific exemptions to the early withdrawal penalty for situations involving death, disability, bankruptcy, loss of income due to termination not caused by the individual, loss of an income earner, job transfers, or other economic hardships.