U.S. Rep. Ashley Hinson (R-IA) on Dec. 9 signed on as the lead original cosponsor of a proposed bipartisan bill that aims to help first-time homebuyers save for a down payment.
The First Home Savings Opportunity Act of 2025, H.R. 6542, which is sponsored by U.S. Rep. Suhas Subramanyam (D-VA), would amend the Internal Revenue Code of 1986 to allow for the establishment of down payment savings accounts.
“Buying a home is the core milestone of living out the American Dream, but it has become out of reach for hardworking families,” Rep. Hinson said. “By allowing families to save tax-free to buy a home, we’ll help more families be able to afford their dream home.”
Under H.R. 6542, contributions to the new accounts would be tax-deductible and individuals could save up to $10,000 a year, or $20,000 for couples filing jointly, according to a bill summary provided by Rep. Hinson’s staff.
“Housing costs are soaring and it is critical for Congress to take action,” said Rep. Subramanyam. “While our bill will make purchasing a home a little easier for first-time homebuyers, there is still a lot more Congress needs to do to address the affordability crisis across the United States.”
The National Association of REALTORS endorsed H.R. 6542, which is under consideration by the U.S. House Ways and Means Committee.