Tax-free savings accounts help Americans stow away money for health care and college tuition. Why not a tax-exempt account for yet another major expense: the down payment on a mortgage?
A coalition that includes real estate developers and investors has been floating the idea as part of a package of reforms intended to overhaul federally funded real estate programs. Home loan programs, direct grants and tax credits add up to some $450 billion a year in federal spending that the group says mostly benefits a small proportion of households.
Tead the full report here.