Homeownership Savings Accounts for first-time buyers

Being able to buy a new home is one of the affordability issues that many people are trying to deal with now, and a Michigan lawmaker wants to help out.Congresswoman Haley Stevens is introducing the “Homeownership Savings Act.”

This bill would create a tax-free savings account for first-time homebuyers to save for down payments and closing costs tax-free.

Eligible buyers would be able to contribute up to $40,000 of the lifetime of that account.

You would also be able to deduct your contributions from your taxes each year.

Employers could also add money to those accounts.