Washington, Oct. 13 -- Congressman Rich McCormick issued the following press release:
Today, Congressman Rich McCormick (GA-07) introduced the Own Not Rent Act (H.R. 10784 (https://www.congress.gov/bill/119th-congress/house-bill/10784?s=2&r=1)), legislation aimed at expanding homeownership opportunities by allowing state governments to guarantee portions of mortgages to allow for smaller down payments without mortgage insurance, helping first-time homebuyers save for a down payment, reducing financial barriers, and incentivizing the construction of new homes.
The legislation would establish tax-advantaged down payment savings accounts, expand penalty-free retirement withdrawals for first-time homebuyers, and provide new tax incentives for...