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Retirement Savings Access for Home Ownership and Increased Plan Loans

This law makes it easier for citizens to use funds from individually directed investment accounts (like certain self-directed retirement accounts) for transactions involving buying, selling, or leasing a primary residence for themselves or their family, without incurring tax penalties. Furthermore, it significantly increases the maximum amount that can be borrowed from qualified employer retirement plans (like 401(k)s) specifically for acquiring a home. These changes aim to support citizens in achieving home ownership.
Key points
Using Investment Accounts for Housing: You can now legally use funds from your individually directed investment accounts for transactions (purchase, sale, lease) involving a primary residence for yourself or a family member, avoiding "prohibited transaction" tax penalties.
Increased 401(k) Home Loan Limit: The maximum amount you can borrow from a qualified employer retirement plan (like a 401(k)) specifically for acquiring a dwelling unit is increased to $50,000.
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Expired
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Additional Information
Print number: 118_HR_9958
Sponsor: Rep. Curtis, John R. [R-UT-3]
Process start date: 2024-10-11
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

HOMES Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9958.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-10-11.

What are the main provisions?

Key points include:

  • Using Investment Accounts for Housing: You can now legally use funds from your individually directed investment accounts for transactions (purchase, sale, lease) involving a primary residence for yourself or a family member, avoiding "prohibited transaction" tax penalties.
  • Increased 401(k) Home Loan Limit: The maximum amount you can borrow from a qualified employer retirement plan (like a 401(k)) specifically for acquiring a dwelling unit is increased to $50,000.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Curtis, John R. [R-UT-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Real Estate