Following Report of Lowest Homeownership Rate Since 1965, Maloney Calls for Passage of His Bipartisan First Time Homeowner Savings Plan Act

Following reports of homeownership dipping to its lowest level since 1965, Representative Sean Patrick Maloney has renewed calls for passage of legislation he introduced last year to make it easier for first-time homebuyers to save for a down payment. Current law allows first time homebuyers to make penalty-free withdrawals from their IRA to go toward the purchase of a home. However, the current limit of $10,000, which was enacted nearly 20 years ago and not indexed to inflation, has not kept up with rising costs and stagnating wages. Rep. Maloney’s bipartisan First Time Homeowner Savings Plan Act would help the law catch up, by increasing the limit to $25,000 for first time homebuyers.