Congresswoman Nancy Mace announced on Apr. 9 the introduction of the First-Time Homebuyer Savings Act of 2026, a bill aimed at helping South Carolinians and Americans nationwide save for their first homes through tax-advantaged accounts.
The proposed legislation seeks to address the challenge many face in entering the housing market as prices continue to rise, especially in South Carolina’s First District. The bill would allow eligible individuals to contribute up to $10,000 annually in pre-tax funds into a dedicated account, with investments growing tax-free and withdrawals also being tax-free when used for qualified homebuying expenses during the first three years of ownership.
“Too many hardworking South Carolinians are being priced out of the American Dream of homeownership,” said Congresswoman Mace. “Our bill gives first-time buyers a real shot, helping them get their foot in the door, save smarter, and turn the dream of owning a home into a reality despite rising costs and inflation.” According to recent data cited by Mace’s office, average home prices have reached $602,394 in Charleston County and remain high across other counties such as Beaufort ($540,644), Berkeley ($369,366), and Dorchester ($346,269).
Under this act, only those who qualify as first-time homebuyers under current tax law would be eligible. After three years from acquiring their home, any remaining funds could be rolled over into an individual retirement account or taken as a distribution. Eligibility is limited based on income: individuals with adjusted gross incomes above $200,000 (or $400,000 for joint filers) would not qualify.
Terry Schilling, President of the American Principles Project (APP), voiced support for the measure: “First-Time Homebuyer Accounts are a vital first-step to solve this generational crisis. Washington’s failed policies have made housing unaffordable and forced families to rely on government programs instead of building wealth on their own terms. This bill puts parents back at the center of the housing market… APP is proud to partner with Rep. Mace to deliver for young families who create the communities that make America great,” said Schilling.
Mace has represented South Carolina’s 1st district since replacing Joe Cunningham in 2021 according to her biography. She previously served in the South Carolina House of Representatives from 2018 until 2020 as reported by Congress.gov. Born in Fort Bragg in 1977 and now residing in Charleston according to her official biographical guide, she graduated from The Citadel with a Bachelor of Science degree in 1999 as noted by The Citadel.
“At a time when young people and families feel locked out of the housing market, Congress should be making it easier, not harder, to achieve the American Dream,” Mace continued. “This is a commonsense solution putting savings and opportunity back in the hands of hardworking Americans.”
