Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)
WASHINGTON, D.C. – Today, Congressman Gus Bilirakis and Congressman Jimmy Patronis introduced the Save for Success Act, legislation designed to help first-time homebuyers achieve the dream of homeownership by allowing distributions from qualified tuition programs to be used for qualified housing expenses.
“For countless Americans, the goal of buying a first home has become increasingly out of reach even for those who have worked hard and played by the rules,”said Congressman Bilirakis. “Families are budgeting carefully, saving responsibly, and planning for their future, yet rising costs continue to put homeownership beyond their grasp. The Save for Success Act provides a practical solution by giving first-time buyers greater access to the savings they have already earned and set aside. Owning a home offers more than shelter-it provides stability, pride, and a lasting connection to a community. This legislation is about expanding opportunity, strengthening communities, and ensuring the American Dream remains attainable for the next generation.”
“For too many young families, saving for a first home feels further out of reach every year,” said Congressman Patronis. “The Save for Success Act makes it more affordable for first-time homebuyers to purchase their first home by giving them greater flexibility to use the savings they have already set aside. Homeownership does not just benefit families, it strengthens our communities because when people have a stake in their neighborhood, they care more about schools, public safety, and local infrastructure. It is time to give our younger generations the opportunity to live the American Dream and build stronger, more vibrant communities.”
The Save for Success Act would amend the Internal Revenue Code of 1986 to include “qualified housing expenses” as eligible costs for distributions from qualified tuition programs. These expenses would include costs paid by a first-time homebuyer to purchase a principal residence, such as closing costs and mortgage payments. Under the legislation, a first-time homebuyer is defined as an individual who, along with their spouse if married, did not own a principal residence at any time during the three-year period preceding the purchase. The terms “principal residence” and “purchase” follow existing federal tax definitions. The proposed changes would apply to eligible distributions made after December 31, 2026.