Rick Scott joins community leaders in Florida to discuss expanding opportunities to help families achieve the American Dream of Homeownership
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Today, Senator Rick Scott led a roundtable in Naples following the introduction of his American Dream Accounts Act to meet with community leaders and discuss how the federal government can help make the American Dream of homeownership more affordable for hardworking Americans.
Senator Rick Scott said, “I was glad to be in Naples today speaking with our local leaders about ways to support affordable homeownership for Florida families. I grew up in public housing and I watched my family struggle to make ends meet. For us, owning a home felt out of reach. Today, many Americans, especially young, first-time buyers, are facing burdensome challenges as they work toward achieving their American Dream. Unfortunately, the federal government has not set our next generation up for success after the years of inflation-driving, economy-crushing leftist policies that are driving the American Dream further out of reach. That’s why I am fighting every day to deliver real solutions that make housing more affordable for everyday Americans and make the dream of homeownership a reality. I am grateful to everyone who joined us today in Naples and I look forward to passing the American Dream Accounts Act and more commonsense legislation to expand opportunity for families across Florida and the United States.”
Senator Scott’s American Dream Accounts Act will:
-Allow first-time prospective home-buyers to contribute up to $7,500 a year ($10,000 if 35+ years old) to a Roth-IRA-style, untaxed savings account to be put toward their home purchase
-Cap lifetime contributions at $250,000
-Require that if a house is sold within 3-years of its American Dream Account-backed purchase, the withdrawn amount will become taxed (barring qualifying exceptions like military service or other life events), ensuring homes and tax-protected dollars are used for establishing primary residences, not quick flips
-Allow any unused money, up to $100,000, to be rolled over to a Roth-IRA or to a family member’s American Dream Account
-Require any money withdrawn for an unqualified purpose (i.e. not for a first-time home purchase) to be taxed and have an additional 10% tax applied
