Rep. Stevens: 'Homeownership Savings Act'

Michigan Congresswoman Haley Stevens introducing a new bill known as the Homeownerships Savings Act to reduce costs for first time homebuyers.

The bill would create homeownership savings accounts so every first time buyer can contribute up to $40,000 for down payments and closing costs.

Contributions would be tax deductible up to annual limits. Employers could also contribute to employee accounts.