NAR Applauds "First Time Homebuyer Pandemic Savings Act"

The National Association of REALTORS® (NAR) called on members of the U.S. House of Representatives to cosponsor and support Rep. Sean Maloney’s (NY-D) First Time Homebuyer Pandemic Savings Act.

The legislation would allow first-time buyers to withdraw funds from their retirement accounts under the umbrella of coronavirus-related distributions to use toward the purchase of a home. Rep. Maloney’s bill specifically allows for up to $25,000 of coronavirus-related retirement distributions to be tax exempt and penalty free if put toward the down payment of a first home. It also extends the coronavirus-related distribution sunset clause to December 31, 2021.

Read more here.