Staff report
U.S. Sen. Jon Husted introduced bipartisan legislation to help first-time homebuyers tap into unused money from a college savings fund they may have toward a down payment.
The First-Time Homebuyer Empowerment Act is co-sponsored by Husted, an Ohio Republican and U.S. Sen. Michael Bennet, a Colorado Democrat.
The bill would allow people to transfer up to $35,000 in leftover college savings from their 529 Plans tax free for the purchase of a first home.
Funds in 529 Plans traditionally can only be used for education-related expenses or transferred to a retirement account.
By freeing up existing resources for first-time homebuyers, Husted said the bill would remove barriers to making a down payment and help more families afford a home.
Husted said: “I’m focused on helping working families get ahead and making life more affordable. Making homeownership more attainable is a critical part of that effort. Too many Ohioans have worked hard, saved responsibly and still struggle to afford a down payment. By freeing up existing resources, I’m proud this bipartisan bill gives first-time homebuyers another tool to use in pursuing their version of the American Dream.”
Three Republicans and a Democrat introduced the companion bill in the U.S. House.
Leftover funds in 529 Plans can occur when a student receives scholarships so the money isn’t used or finishes college at a lower cost than expected or quits school.
Money leftover in 529 Plans can be reassigned to another eligible family member — such as a sibling — or can be put in a Roth IRA or up to $10,000 can be used to pay off student loans.
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