Housing (Homeownership · Seniors)

HR 7051, the American Dream Act, allows individuals aged 65 or older to exclude taxable gains from selling their home to a first-time homebuyer under specific conditions. The bill applies when the home sells for $500,000 or less, the buyer is a first-time homebuyer purchasing it as their primary residence, and the buyer provides a sworn statement confirming these details. The exclusion is only available for sales occurring after December 31, 2026, and expires after December 31, 2031. This policy directly affects seniors aged 65+ selling their primary residence and first-time homebuyers purchasing it as their main home.

HR 7596, the Improving Housing Access Act, requires the Comptroller General to study barriers to housing for elderly and disabled people within one year of the bill's enactment. The study will specifically examine potential improvements to two federal housing programs: supportive housing for the elderly (under Section 202 of the 1959 Housing Act) and supportive housing for people with disabilities (under Section 811 of the Cranston-Gonzalez Act). It focuses on identifying ways to improve access, including options for providing financial support to these programs. The bill does not create new benefits but mandates a review to inform future policy decisions.