First Time Homeowner Savings Plan Act

# First Time Homeowner Savings Plan Act (HR 2748) - Summary **What the Bill Would Do** This bill would create a new savings account option designed to help first-time homebuyers accumulate money for a down payment on their first home. While the full details aren't specified in the available information, bills of this type typically allow individuals to set aside funds in a tax-advantaged account—meaning the money grows without being taxed or withdrawals aren't taxed when used for qualified home purchases. This would make it easier and more affordable for people to save the large sums needed to purchase a home. **Who It Affects and Current Status** The bill would primarily benefit first-time homebuyers who struggle to save enough for a down payment, a common barrier to homeownership.

It was introduced by Representative Haley Stevens (D-Michigan) in the 119th Congress. As of now, the bill remains in committee, meaning it hasn't yet been debated or voted on by the full House of Representatives. A bill must pass committee review before it can move forward in the legislative process.