Why This Matters
The Save for Success Act lets first-time homebuyers use money from education savings accounts to cover home purchase costs. This helps people access funds for buying their first home more easily.
If you are a first-time homebuyer, you could use your education savings for your home purchase costs.
Affects: First-time homebuyers who have education savings accounts will benefit from this bill.
What changes is this bill making?
1. This bill allows money from education savings accounts to be used for housing costs. 2. Qualified housing expenses include buying a home and related costs like closing fees. 3. Only first-time homebuyers can use these funds for their home purchase. 4. The bill defines a first-time homebuyer as someone who hasn't owned a home in the last three years. 5. These changes will take effect for distributions made after December 31, 2026.
Who is affected?
First-time homebuyers who have education savings accounts will benefit from this bill.