WASHINGTON, D.C. –
On February 5, Congressman Gus Bilirakis (FL-R) and Congressman Jimmy Patronis (FL-R) introduced H.R. 7393, the Save for Success Act, a bill designed to help first‑time homebuyers by allowing qualified tuition program distributions to be used for housing‑related expenses.
The legislation would amend the Internal Revenue Code of 1986 to include “qualified housing expenses” as eligible costs under qualified tuition programs. These expenses would cover payments made by a first‑time homebuyer toward the purchase of a principal residence, including closing costs and mortgage payments. Under the bill, a first‑time homebuyer is defined as an individual who, along with a spouse if married, has not owned a principal residence within the previous three years. The proposed changes would apply to eligible distributions made after December 31, 2026.
Announcing the bill, Congressman Bilirakis emphasized the growing challenges facing Americans seeking to purchase their first home. “For countless Americans, the goal of buying a first home has become increasingly out of reach even for those who have worked hard and played by the rules,” he said. “Families are budgeting carefully, saving responsibly, and planning for their future, yet rising costs continue to put homeownership beyond their grasp. The Save for Success Act provides a practical solution by giving first-time buyers greater access to the savings they have already earned and set aside. Owning a home offers more than shelter-it provides stability, pride, and a lasting connection to a community. This legislation is about expanding opportunity, strengthening communities, and ensuring the American Dream remains attainable for the next generation”, Congressman Bilirakis added.
Congressman Patronis echoed those concerns, highlighting the bill’s potential impact on younger families. “For too many young families, saving for a first home feels further out of reach every year,” he said. “The Save for Success Act makes it more affordable for first-time homebuyers to purchase their first home by giving them greater flexibility to use the savings they have already set aside. Homeownership does not just benefit families, it strengthens our communities because when people have a stake in their neighborhood, they care more about schools, public safety, and local infrastructure. It is time to give our younger generations the opportunity to live the American Dream and build stronger, more vibrant communities”, Congressman Patronis added.
The bill now awaits further consideration in the House of Representatives.
