Establishes the first-time home buyer savings program act. Allows modifications to federal adjusted gross income for $50,000 in contributions and $150,000 of interest and dividends included in federal adjusted gross income.

PROPERTY -- FIRST-TIME HOME BUYER SAVINGS PROGRAM ACT - Establishes the first-time home buyer savings program act. Allows modifications to federal adjusted gross income for $50,000 in contributions and $150,000 of interest and dividends included in federal adjusted gross income.