The HOMES Act of 2024 makes two changes to federal tax law to help people use retirement savings for homeownership. First, it allows people with self-directed retirement accounts to invest those funds in residential property for themselves or their family members, which is currently prohibited. Second, it increases the maximum loan amount that workers can borrow from their employer retirement plans to buy a home from ten thousand dollars to fifty thousand dollars. These changes take effect immediately upon the bill's enactment and apply to transactions and loans made after that date. The legislation is designed to give Americans more flexibility in accessing their retirement savings to purchase or finance a primary residence.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.