That’s why I introduced the First-Time Homebuyer Empowerment Act with Sen. Michael Bennet (D-Colo.) in the United States Senate. This bipartisan bill that would allow first-time homebuyers to transfer up to $35,000 in unused funds from a 529 college savings plan tax-free toward a home down payment.
Support the First-Time Homebuyer Empowerment Act to allow first-time homebuyers to transfer up to $35,000 in unused 529 college savings tax-free toward a home down payment.
Occurrences
Evidence
legacy_unverified · Source version not recorded · locator unknown
GovInfo lists S. 5227 as introduced in the Senate on August 4, 2026 by Mr. Husted for himself and Mr. Bennet, read twice and referred to the Senate Committee on Finance. The bill title is the First-Time Home Buyer Empowerment Act, and its stated purpose is to amend the Internal Revenue Code to allow certain distributions from long-term qualified tuition programs for first home purchases.
legacy_unverified · Source version not recorded · locator unknown
Husted's Senate office said Sens. Jon Husted and Michael Bennet introduced the First-Time Homebuyer Empowerment Act, which would allow first-time homebuyers to transfer up to $35,000 in leftover 529 college savings tax-free toward purchase of a first home.
Assessments
Husted materially supported the promised policy by introducing S. 5227, the First-Time Home Buyer Empowerment Act, in the Senate during his term. However, the evidence only shows introduction and referral to the Senate Finance Committee, not passage or enactment. Because the promised tax-free 529-to-first-home transfer was not delivered, this is a serious legislative attempt rather than fulfillment.