Featured

Ruben Gallego Introduces Bipartisan Bill Assisting First-Time Homebuyers

Senators Ruben Gallego (D-AZ) and Todd Young (R-IN) have introduced bipartisan legislation to help first-time homebuyers afford a home.

For additional context, in 1997, Congress created a tax provision that allows first-time homebuyers to withdraw $10,000 from their Individual Retirement Account (IRA) without penalty to buy, build, or rebuild a house.

However, the cap has not been raised, even in the face of current housing market realities.

As a result, Sen. Gallego's Uplifting First-Time Homebuyers Act raises the withdrawal amount from $10,000 to $50,000.

"Homeownership is the cornerstone of the American dream, and for good reason," said Sen. Gallego in a statement. "Owning a home is a proven way to build generational wealth and retirement security. But too many young Americans feel like that dream is out of reach. By updating the decades-old IRA homebuyer exception to reflect the reality of housing costs today, this bill helps make homeownership possible for the next generation."

Sen. Young echoed his remarks, adding that "homeownership is critical to strengthening families, building generational wealth, and cultivating stronger communities." "By updating the IRA withdrawal limits to better match the realities of today's economy, our bill will unlock more opportunities for Americans to become homeowners and invest in their future," he added added.

The bill marks the Arizona Congressman's latest bipartisan bill on housing, starting with the Housing Unhoused Disabled Veterans Act (HUDVA) with Senator Katie Britt (R-AL) in mid-April.

The following week, Gallego expressed support for the Trump Administration's task force on opening federal lands to housing development, led by Housing and Urban Development Secretary Scott Turner and Interior Secretary Doug Burgum.

At the end of April, he helped introduce the Housing Affordability Act with Senator Dave McCormick (R-PA), which raised the multifamily home loan limit.

Finally, May saw Gallego introduce the Appraisal Industry Improvement Act, which addresses the shortage of home appraisers by adding state-credentialed trainees to the National Appraiser Registry, which is part of the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council, with Senator Kevin Cramer (R-ND).

Grayson Bakich

Florida born and raised, Grayson Bakich is a recent recipient of a Master’s Degree in Political Science at the University of Central Florida. His thesis examined recent trends in political polarization and how this leads into justification of violence.

Recent Posts

Bill to Rename Federal Building After Raul Grijalva Passes Committee

Senators Mark Kelly (D-AZ) and Ruben Gallego's (D-AZ) bill to rename the Tucson federal office…

12 hours ago

Government Shutdown Reaches Day 30 as Eli Crane Blasts Democratic Votes

Representative Eli Crane took to social media this week to call out Senators Mark Kelly…

14 hours ago

Stephen Shadegg of Americans for Prosperity Assesses Arizona's Gubernatorial Race

Stephen Shadegg, the Arizona director for Americans for Prosperity, recently spoke with Cactus Politics about…

15 hours ago

Andy Biggs Demands 'Accountability' After Bill Gates Reverses Course on Climate Change

Representative Andy Biggs (R-AZ) demanded "accountability" for climate agenda proponents after billionaire Bill Gates recently…

2 days ago

Kris Mayes Defends Birthright Citizenship in Debate

Attorney General Kris Mayes defended birthright citizenship during a debate at Arizona State University, arguing…

2 days ago

Yassamin Ansari Questions Why Oil Companies Get Priority During Government Shutdown

Representative Yassamin Ansari is questioning why some federal government work has continued during the shutdown…

2 days ago