{"database": "press", "table": "releases", "rows": [["https://stevens.house.gov/media/press-releases/rep-haley-stevens-d-mi-introduces-new-bill-make-it-easier-first-time", "Rep. Haley Stevens (D-MI) Introduces New Bill to Make it Easier for First Time Homebuyers to Afford a Down Payment", "2024-10-15", "2024", "2024-10", "Democrat", "House", "MI", "Haley M. Stevens", "S001215", "stevens.house.gov", "stevens", "https://stevens.house.gov/media/press-releases", "scraper", "WASHINGTON, DC \u2013 Today, U.S. Representative Haley Stevens (D-MI) introduced the First Time Homeowner Savings Plan Act in the U.S. House of Representatives. This bill increases the amount of money individuals may withdraw from their IRA to use to purchase their first home from $10,000 to $25,000 making it easier to gain the first step on the property ladder while continuing to build their wealth and securing a safe place to live.\n\nKey provisions:\n\nAmends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for the purpose of assisting a first-time homebuyer in purchasing a principal residence.\n\nThis increased distribution amount is adjusted annually for inflation for taxable years beginning after 2025.\n\n\u201cBuying a home not only provides families a place to live but is key to building wealth,\u201d said Rep. Haley Stevens (D-MI). \u201cBy increasing the amount first time buyers may withdraw from their IRA savings to purchase a home, this bill will encourage young Americans to start saving earlier, help millions of Americans purchase their first homes, and allow the next generation to build wealth through homeownership. That\u2019s why I\u2019m proud to introduce the First Time Homeowner Savings Plan Act, so every American has a shot at the American dream.\u201d\n\n\u201cABA is pleased to support Rep. Stevens\u2019 First Time Homeowner Savings Plan Act, which would help more Americans afford a down payment,\u201d said ABA Executive Vice President for Congressional Relations Kirsten Sutton. \u201cWith high prices keeping a home just out of reach for so many, this bill will help empower more prospective homebuyers to secure their dream of homeownership.\u201d\n\n\u201cOn behalf of the Mortgage Bankers Association (MBA), we are pleased to support the First Time Homeowner Savings Plan Act,\u201d said Bill Killmer, SVP of Legislative and Political Affairs. \u201cBy raising the IRA withdrawal limit for first-time home purchases to $25,000 and indexing it to inflation, this legislation connects the goal of homeownership with retirement savings, encouraging younger individuals to start saving earlier in order to build wealth over a longer period.\u201d\n\n\u201cThe National Association of REALTORS\u00ae fully supports the current-law incentive that allows first-time homebuyers to withdraw up to $10,000 from a qualified retirement plan without having to pay the early withdrawal penalty,\u201d said NAR President, Kevin Sears. \u201cThis provision has helped many thousands to gather the necessary funds for a down payment. However, when this provision was enacted in the early 1990s, $10,000 went a lot further than it does today. So, increasing the amount to $25,000 is a much needed and very helpful step to assist families with the increasingly elusive but often vital goal of purchasing their first home. We express our gratitude to Rep. Stevens for her leadership on this important legislation.\u201d\n\nThe First Time Homeowner Savings Plan Act is endorsed by the National Association of Realtors, the American Bankers Association, and the Mortgage Bankers Association.\n\nFull text of the legislation can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:57:20Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://stevens.house.gov/media/press-releases/rep-haley-stevens-d-mi-introduces-new-bill-make-it-easier-first-time"], "units": {}, "query_ms": 0.8515261579304934, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}