Husted bill looks to free up unused college funds for first-time homebuyers
U.S. Sen. Jon Husted introduced bipartisan legislation to help first-time homebuyers tap into unused money from a college savings fund they may have toward a down payment. The First-Time Homebuyer Empowerment Act is co-sponsored by Husted, an Ohio Republican and U.S. Sen. Michael Bennet, a Colorado Democrat. The bill 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 can only be used for education-related expenses or transferred to a retirement account. By ...