In Case You Missed It… Sen. Rick Scott’s American Dream Accounts Act Attracts Widespread Support

In Case You Missed It… Sen. Rick Scott’s American Dream Accounts Act Attracts Widespread Support June 16, 2026 WASHINGTON, D.C. — U.S. Senator Rick Scott’s American Dream Accounts Act gained record support as state and nationwide groups applauded the creation of dedicated, tax-advantaged savings account for first-time homebuyers as a way to make owning a home more realistic for hardworking Americans. The legislation is endorsed by the National Association of REALTORS (NAR), Florida Bankers Association (FBA), National Association of Home Builders (NAHB), Florida Home Builders Association (FHBA), and Foundation for Government Accountability (FGA). Shannon McGahn, Executive Vice President and Chief Advocacy Officer of NAR, said, "The National Association of REALTORS® is grateful that Senator Scott has introduced this bill to address the affordability challenges first-time homebuyers face. Recent data show that nearly half of potential homebuyers cannot afford a down payment, and the median age of first-time homebuyers is now 40. The proposed first-time homebuyer savings accounts will help individuals and families save for a down payment and closing costs. This bill would help turn aspiration into action, and turn savings into the foundation of lifelong stability, helping another generation realize the American Dream.” Kathy Kraninger, President and CEO of FBA, said , “Florida bankers drive economic vitality in our communities, and housing affordability is increasingly an impediment to Florida's growth. The American Dream Accounts Act is a smart, forward-looking solution to expand access to homeownership, and we thank Senator Scott for his leadership.” Bill Owens, Chairman of NAHB, said, “NAHB applauds Sen. Rick Scott for introducing the American Dream Accounts Act , legislation that would create a new tax-preferred savings account to help Americans save to buy their first home.  Accumulating funds for a downpayment is a major barrier for first-time home buyers and this bill would help more hard-working families to achieve the dream of homeownership.” William Webb, Chair of FHBA, said, “Across Florida, too many hardworking families are finding it increasingly difficult to achieve the dream of homeownership. Senator Rick Scott’s American Dream Accounts Act provides a smart, forward-looking solution that helps future homebuyers build savings for a down payment and create long-term financial stability. FHBA is pleased to support policies that open the door to homeownership and expand housing opportunities for families throughout Florida and across the country.” Tarren Bragdon, President and CEO of FGA , said, “President Trump and congressional Republicans are working tirelessly to reverse the Biden-era affordability crisis and restore Americans' ability to build wealth and achieve financial security. Owning a home is a fundamental part of the American Dream, yet millions are being priced out of homeownership. The American Dream Accounts Act helps reverse that disturbing trend by giving families better tools to save, invest, lay down roots, and build for the future. We’re grateful to Senator Scott for championing policies that expand opportunity and restore the promise of the American Dream.” BACKGROUND: The American Dream Accounts Act will: Allow first-time prospective homebuyers 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 Click here for the full bill text. ### https://www.rickscott.senate.gov/2026/6/in-case-you-missed-it-sen-rick-scott-s-american-dream-accounts-act-attracts-widespread-support