HR 7402
Unlocking Homeownership Act
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- Passed House
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Bill overview
The Unlocking Homeownership Act proposes to allow individuals to use funds from qualified tuition programs (like 529 plans) to purchase their first homes. Specifically, it would enable distributions to be used for ‘qualified acquisition costs’ – the expenses associated with buying a principal residence. The bill defines a ‘first-time homebuyer’ and includes provisions for handling delays or cancellations in home purchases, as well as a special rule allowing for transfers to other accounts if a distribution isn't used within 120 days. It also includes a provision for disaster relief, allowing for distributions to be used for homes in disaster areas.
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