The H.R. 9958, also called the "Home Ownership, Mortgage, and Equity Savings Act of 2024," seeks to amend the Internal Revenue Code. It allows individually directed accounts to conduct certain transactions involving a plan's assets and residential property for use by the...
Simple Explanation
The bill wants to let people use some of their savings meant for retirement to help buy a home for themselves or their family, and it also allows them to borrow more money—up to $50,000—than they could before to buy a house.