Maloney announces his legislation outside the home of Taylor Van
Dyck in Middletown
MIDDLETOWN – People looking to buy their first home often find
it difficult to fund it. Current federal law allows individuals to withdraw
up to $10,000 from their IRA for the purchase of a home without being
penalized.
Congressman Sean Patrick Maloney’s proposal, which he said has bipartisan
support, would expand that to $25,000.
“Rental costs are out of control and housing isn’t getting
any cheaper,” said Maloney. “It doesn’t make any sense
for the government to penalize people who want to make a smart investment
in their first home, and my bill would fix that.”
Maloney announced his legislation outside a family’s home in Middletown
and it gained the immediate support from a number of local government
and housing industry officials.
“Homeownership matters to everybody, it contributes to strong communities.
People who purchase a home buy furniture and landscaping and invest in
their communities,” said Katheryn DeClerck, New York State Association
of Realtors vice president for the Lower Hudson Valley.
“Homeownership is the foundation of our community,” said Faith
Moore, executive director of the Orange County Rural Development Advisory
Corporation. “This provision will be an opportunity to add another
tool to our assistance.”
Connie Fagan, the director of the Putnam County Housing Corporation, said
a 2014 study found that 88 percent of owner and renters in the county,
regardless of income level, are living in unaffordable and severely cost
burdening housing. She said Maloney’s bill “would assist more
young individuals and families in realizing the dream of owning a home
in their community.”
