HOMES Act of 2024

The HOMES Act of 2024 modifies retirement account rules to expand home ownership opportunities. It allows individually directed retirement accounts to invest in residential property used as a primary residence by the account beneficiary or their family members (as defined in tax code section 267(c)(4)), adding this as a permitted transaction under Internal Revenue Code section 4975(d). Additionally, it increases the maximum loan amount available from qualified employer retirement plans for purchasing a primary residence from $10,000 to $50,000 under Internal Revenue Code section 72(p)(2). These changes directly affect retirement plan participants seeking to use their savings for home acquisition or family residential property transactions.