WASHINGTON – Saying that first time homebuyers often face the greatest challenge by not having sufficient cash for a down payment, Congressman Sean Patrick Maloney (D, NY18) Thursday announced new legislation he has just introduced that would allow them to use more of their tax-free IRA savings for that purpose.
At present, people can only use up to $10,000 from their IRAs, but Maloney’s legislation would increase that to $25,000.
“If we can encourage people to save and reward people we’re doing the right thing by encouraging people to do it the right way by putting down a good deposit and buying a hope they can afford, we can achieve a very important goal which is wealth through capital appreciation,” he said. “We know the statistics are dramatic for the wealth of families that own their homes versus families that rent.”
Maloney’s bill already has the endorsement of the Corporation for
Enterprise Development, National Association of Home Builders and the
Orange County Rural Development Advisory Corporation.
Fitch double upgrades Rockland bond rating
May 17, 2024
