Hinson Helps Introduce Bipartisan Legislation to Make Homeownership More Affordable & Attainable for Families Nationwide

Washington, D.C. – Congresswoman Ashley Hinson (R-IA-02) helped introduce the bipartisan First Home Savings Opportunity Act with Rep. Suhas Subramanyam (D-VA-10) to help first-time homebuyers save for a down payment and finally achieve the dream of homeownership.

“Buying a home is the core milestone of living out the American Dream, but it has become out of reach for hardworking families. By allowing families to save tax-free to buy a home, we’ll help more families be able to afford their dream home. I’ll continue working to improve housing access and affordability in Iowa and across the country.” – Congresswoman Ashley Hinson

“Purchasing a home, which is part of the American dream for many, is now out of reach for far too many young adults. Housing costs are soaring and it is critical for Congress to take action. While our bill will make purchasing a home a little easier for first-time homebuyers, there is still a lot more Congress needs to do to address the affordability crisis across the United States.” - Congressman Suhas Subramanyam

“Recent data show that nearly half of potential homebuyers cannot afford a down payment, as the median age of first-time homebuyers, now 40, continues to rise. For generations, access to homeownership has been the primary way Americans built wealth and homeownership remains the cornerstone of the American Dream. The bipartisan First Home Savings Opportunity Act would help turn aspiration into action, turning modest savings into the foundation of lifelong stability. The National Association of REALTORS is grateful that Representatives Suhas Subramanyam (D-VA) and Ashley Hinson (R-IA) have introduced this bill to address these challenges by establishing tax-deductible, first-time homebuyer savings accounts, helping individuals and families save for a down payment and closing costs,” - Shannon McGahn, National Association of REALTORS Executive Vice President and Chief Advocacy Officer

Background: 

The First Home Savings Opportunity Act would set up a new kind of savings account that can be used to put money aside for a first home. Contributions would be tax-deductible, and individuals could save up to $10,000 a year, or $20,000 for couples filing jointly.

Many would-be buyers are finding it harder to break into the housing market. This bill is meant to ease some of that pressure and give families a clearer path to build up a down payment and cover their closing costs.

Bill text can be found here.