HUSTED LEADS BILL TO HELP OHIOANS AFFORD THEIR FIRST HOME

WASHINGTON, Aug. 4 -- Sen. Jon Husted issued the following press release:

Sens. Jon Husted (R-Ohio) and Michael Bennet (D-Colo.) today introduced the First-Time Homebuyer Empowerment Act. This bill would help first-time homebuyers by allowing them to put unused college savings toward a down payment.

The First-Time Homebuyer Empowerment Act would allow people to transfer up to $35,000 in leftover college savings from their 529 plans tax free for the purchase of a first home. Funds in 529 plans traditionally may only be used for education-related expenses or transferred to a retirement account. By freeing up existing resources for first-time homebuyers, the bill would remove barriers to making a down payment and help more families afford a ...