Iowa REALTORS® Fight For Home Savings Accounts
by HOM Editor
For some time, parents have been able to save money for their children’s education through tax-favorable 529 accounts. Now, the Iowa Association of REALTORS® is fighting to give similar benefits to first time home buyers.
“With home prices slowly rising and increasing student debt, young Iowans are having a hard time buying their first home. According to a recent housing study, 80% of Iowans support the First Time Home Buyer Program, ” said Gavin Blair, CEO of the Iowa Association of REALTORS®.
Proposed legislation would allow a first-time buyer to save $2,000 per year or $4,000 per year for two first time buyers filing taxes jointly. Parents and grandparents can also contribute to the fund. The funds could then be used for a down payment and closing costs for a home purchased in Iowa.
As part of their effort to get the legislation passed, 300 Iowa REALTORS® recently spent a day talking with state legislators. Iowa Realtors have been working the past few years to get this legislation passed. With renewed support and new leadership in the Iowa Senate and House, Iowa Realtors® are optimistic that the bill will pass this year.
Home savings accounts are an innovative way to make home ownership a reality for more people. Three states — Virginia, Montana, and Colorado — have now passed legislation that authorizes the accounts. The Iowa Association of REALTORS® is working hard to add Iowa to that list. Learn more at iowafirsthome.com.