New bill would help first-time buyers amid pandemic
A new bill introduced to Congress this week aims to help first-time home buyers purchase a home during and after the recovery from the COVID-19 crisis. The First Time Homebuyer Pandemic Savings Act, introduced by Rep. Sean Patrick Maloney (D-N.Y.), would allow first-time home buyers to withdraw funds from their retirement accounts under the umbrella of COVID-19-related distributions to help with the purchase of a home. Under the bill, up to $25,000 of the coronavirus-related distributions would be tax-exempt and penalty-free if put toward a down payment for a home. ?“Making sure the next generation of homeowners have the resources they need to buy their first home is going to play a big role in our economic recovery,” Maloney said. “This bill is a smart, innovative way to bring new opportunity to new home buyers and help young families get one step closer to realizing the American dream.” The bill has gotten the th
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