llinois Senate Bill 148 aims to assist first-time and second-chance homebuyers by establishing a special savings account to help them save for down payments. This initiative would allow eligible individuals to deposit money into these accounts, which would be tax-deductible, making it easier for them to accumulate funds for purchasing a home.
Under the proposed legislation, individuals could save up to $5,000 per year, with a total limit of $25,000 over ten years. Joint accounts could hold up to $25,000 annually and $50,000 in total. The bill has garnered support from mortgage specialists who believe it could positively impact homeownership rates, especially as rental costs continue to rise.
However, some lawmakers, like State Rep. Jehan Gordon-Booth, caution that while the bill is a step in the right direction, it may only serve as a temporary fix to a more significant issue of housing supply and affordability. The bill is currently under review by the Senate Revenue Committee.
Comments