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In the Senate of the United States Ms. BLACKWELL (for herself and others) introduced the following bill; A BILL *** To amend the Internal Revenue Code of 1986 to establish the First Home Investment Account program. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "First Home Investment and Readiness Act of 2026" or the "FIRST Home Act". SECTION 2. FINDINGS. Congress finds that— (1) homeownership remains a primary driver of wealth creation and community stability in the United States; (2) rising housing costs, student loan debt, and economic uncertainty have created unprecedented barriers to first-time homeownership for younger Americans; (3) existing tax-advantaged savings vehicles do not adequately address the specific challenges of saving for a first home purchase; (4) environmental considerations and energy efficiency should be integral to modern housing policy; and (5) encouraging responsible homeownership through dedicated savings vehicles will strengthen American communities and foster economic resilience. SECTION 3. FIRST HOME INVESTMENT ACCOUNTS. (a) IN GENERAL.—Subpart A of part I of subchapter D of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 408A the following new section: "SEC. 408B. FIRST HOME INVESTMENT ACCOUNTS. "(a) GENERAL RULES.— "(1) IN GENERAL.—Except as provided in this section, a First Home Investment Account shall be treated for purposes of this title in the same manner as an individual retirement plan. "(2) FIRST HOME INVESTMENT ACCOUNT.—For purposes of this title, the term 'First Home Investment Account' means an individual retirement plan which is designated at the time of establishment of the plan as a First Home Investment Account. "(3) CONTRIBUTION DEDUCTIBILITY.—Contributions to a First Home Investment Account shall be treated as deductible under section 219 in the same manner as contributions to a traditional IRA." "(b) CONTRIBUTION RULES.— "(1) MAXIMUM CONTRIBUTION.— "(A) IN GENERAL.—The aggregate amount of contributions for any taxable year to all First Home Investment Accounts maintained for the benefit of an individual shall not exceed $15,000. "(B) COST-OF-LIVING ADJUSTMENT.—The Secretary shall adjust the amount under subparagraph (A) annually for inflation. "(2) AGE LIMITATION.—No contribution may be made to a First Home Investment Account after the individual for whom the account is maintained attains age 40. "(3) INCOME LIMITATIONS.— "(A) IN GENERAL.—No contribution may be made to a First Home Investment Account for a taxable year if the individual's modified adjusted gross income for such taxable year exceeds $250,000. "(B) MODIFIED ADJUSTED GROSS INCOME.—For purposes of this paragraph, the term 'modified adjusted gross income' has the meaning given such term in section 408A(c)(3)(C). "(c) DISTRIBUTION RULES.— "(1) QUALIFIED FIRST-TIME HOMEBUYER DISTRIBUTIONS.— "(A) IN GENERAL.—Any qualified first-time homebuyer distribution from a First Home Investment Account (including both contributions and earnings) shall not be includible in gross income. "(B) NON-QUALIFIED DISTRIBUTIONS.—Any distribution other than a qualified first-time homebuyer distribution shall be includible in gross income and subject to an additional tax of 10 percent in the manner provided under section 72(t). "(B) QUALIFIED FIRST-TIME HOMEBUYER DISTRIBUTION.—For purposes of this paragraph— "(i) IN GENERAL.—The term 'qualified first-time homebuyer distribution' means any payment or distribution made for qualified acquisition costs with respect to a qualified first-time home purchase. "(ii) QUALIFIED FIRST-TIME HOME PURCHASE.—The term 'qualified first-time home purchase' means the purchase of a principal residence by a first-time homebuyer. "(iii) FIRST-TIME HOMEBUYER.—The term 'first-time homebuyer' means any individual who has had no present ownership interest in a principal residence during the 3-year period ending on the date of acquisition of the principal residence. "(2) GREEN HOME BONUS.— "(A) IN GENERAL.—In the case of a qualified first-time homebuyer distribution used for the purchase of a qualified energy-efficient home, the limitation under subsection (b)(1)(A) shall be increased by $5,000. "(B) QUALIFIED ENERGY-EFFICIENT HOME.—For purposes of this paragraph, the term 'qualified energy-efficient home' means any residence which is certified to meet— "(i) ENERGY STAR program requirements in effect on the date of purchase, or "(ii) zero net energy ready home requirements as defined by the Department of Energy. "(d) ROLLOVER CONTRIBUTIONS.— "(1) IN GENERAL.—No rollover contribution may be made to a First Home Investment Account unless it is a qualified rollover contribution. "(2) QUALIFIED ROLLOVER CONTRIBUTION.—For purposes of this section, the term 'qualified rollover contribution' means— "(A) a rollover contribution to a First Home Investment Account from another such account of the same beneficiary, but only if such rollover contribution meets requirements similar to the requirements of section 408(d)(3), or "(B) a rollover contribution from a Roth IRA described in section 408A. "(e) ACCOUNT TERMINATION.— "(1) IN GENERAL.—If an individual has not made a qualified first-time homebuyer distribution from any First Home Investment Account of the individual by the date on which the individual attains age 45, then— "(A) all First Home Investment Accounts of such individual shall cease to be such accounts, and "(B) the individual must elect, within 60 days of attaining age 45, one of the following treatments: "(i) RETIREMENT ACCOUNT ROLLOVER.—Treatment of the entire balance as a rollover contribution to an individual retirement account described in section 408(a) or an individual retirement annuity described in section 408(b), or "(ii) TAXABLE DISTRIBUTION.—Treatment of the entire balance as a distribution includible in gross income for the taxable year in which the individual attains age 45. "(2) DEFAULT TREATMENT.—In the absence of an election under paragraph (1)(B), the entire balance shall be treated as described in paragraph (1)(B)(ii)." SECTION 4. EFFECTIVE DATE. The amendments made by this Act shall apply to taxable years beginning after December 31, 2026.

he Senate of the United States Ms. BLACKWELL (for herself and others) introduced the following bill; A BILL *** To establish the Property Insurance Market Stability Program to ensure the continued availability and affordability of homeowners' insurance in areas facing increased natural catastrophe risks, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Property Insurance Market Stability Act of 2027" or "PIMSA". SECTION 2. FINDINGS AND PURPOSE. (a) FINDINGS.—Congress finds that— (1) access to affordable homeowners' insurance is essential for homeownership, mortgage lending, and economic stability; (2) increased frequency and severity of natural catastrophes has led to significant increases in homeowners' insurance costs and reduced availability in certain regions; (3) the private insurance market alone cannot effectively manage catastrophic natural disaster risks while maintaining affordable homeowners' coverage; (4) the lack of affordable homeowners' insurance poses risks to the housing market, mortgage lending, and broader economy; and (5) a federal program to support the private insurance market in managing catastrophic natural disaster risks is necessary to maintain market stability and protect homeowners. (b) PURPOSE.—The purpose of this Act is to— (1) establish a temporary federal program that provides a transparent system of shared public and private compensation for certain insured natural catastrophe losses; (2) protect homeowners from unsustainable insurance cost increases while maintaining market-based mechanisms; (3) stabilize the homeowners' insurance market in high-risk areas; and (4) encourage private sector participation in insuring natural catastrophe risks. SECTION 3. DEFINITIONS. In this Act: (1) SECRETARY.—The term "Secretary" means the Secretary of the Treasury. (2) COVERED PERIL.—The term "covered peril" means loss or damage to residential property resulting from: (A) Windstorm, including hurricane and tornado; (B) Severe storm, including hail and straightline winds; (C) Wildfire; (D) Winter storm; (E) Flood, including storm surge, inland flooding, and any water damage resulting from natural events; (F) Other natural catastrophes as determined by the Secretary in consultation with the National Association of Insurance Commissioners, excluding earthquake. (3) QUALIFYING INSURANCE POLICY.—The term "qualifying insurance policy" means a residential property insurance policy that: (A) Is issued by a participating insurer; (B) Covers one-to-four family residential properties; (C) Is regulated as a homeowners' insurance policy under applicable state law; (D) Includes coverage for covered perils; and (E) Is not an earthquake policy. (4) INSURED LOSS.—The term "insured loss" means any loss resulting from a covered peril that is covered by a qualifying insurance policy. (5) PARTICIPATING INSURER.—The term "participating insurer" means any entity that— (A) Is licensed or admitted to write residential property insurance in any State; (B) Has voluntarily elected to participate in the Program; and (C) Meets the eligibility criteria established by the Secretary. SECTION 3A. COORDINATION WITH NATIONAL FLOOD INSURANCE PROGRAM. (a) GENERAL RULE.—Coverage under this Act shall be: (1) PRIMARY to National Flood Insurance Program coverage when: (A) The insured property is not eligible for National Flood Insurance Program coverage; or (B) The loss exceeds the maximum coverage limits available under the National Flood Insurance Program. (2) SECONDARY to National Flood Insurance Program coverage when: (A) The insured property is eligible for National Flood Insurance Program coverage; and (B) The loss is within National Flood Insurance Program coverage limits. (b) COVERAGE REQUIREMENTS.— (1) Participating insurers shall not deny coverage under this Act solely because a property: (A) Is eligible for National Flood Insurance Program coverage; (B) Has National Flood Insurance Program coverage; or (C) Is required to maintain National Flood Insurance Program coverage. (2) Participating insurers may require that eligible properties maintain National Flood Insurance Program coverage as a condition of coverage under this Act. (c) CLAIMS COORDINATION.—The Secretary shall establish procedures for: (1) Coordinating claims payments between this Program and the National Flood Insurance Program; (2) Avoiding duplicate coverage or coverage gaps; and (3) Ensuring efficient claims processing for events involving multiple types of damage.. PROPERTY INSURANCE MARKET STABILITY PROGRAM. (a) ESTABLISHMENT.— (1) IN GENERAL.—There is established in the Department of the Treasury the Property Insurance Market Stability Program. (2) PURPOSE.—The Program shall provide a voluntary framework for insurers to maintain affordable homeowners' insurance coverage while sharing catastrophic natural disaster risk with the federal government. (b) PARTICIPATION.— (1) VOLUNTARY PARTICIPATION.—Any insurer writing residential property insurance may participate in the Program by— (A) submitting written notice of participation to the Secretary; (B) paying any applicable participation fees as determined by the Secretary; and (C) agreeing to comply with all Program requirements under this Act. (2) TERM OF PARTICIPATION.— (A) INITIAL TERM.—The initial term of participation shall be 24 months. (B) RENEWAL.—Participants may renew participation for additional 24-month terms by meeting renewal requirements established by the Secretary. (3) COVERAGE REQUIREMENTS.—Participating insurers shall— (A) when offering qualifying insurance policies: (i) maintain similar deductible structures to those used for other covered perils; (ii) not impose special exclusions or limitations specifically for covered perils that aren't applied to other perils; and (iii) provide coverage limits for covered perils at least equal to those provided for fire damage; (B) comply with premium stability requirements under Section 5; and (C) provide premium discounts for qualified mitigation measures under Section 6. SECTION 5. PREMIUM STABILIZATION. (a) PROGRAM REQUIREMENTS.— (1) RATE STABILITY.—Participating insurers shall— (A) limit annual premium increases on qualifying insurance policies to no more than 15 percent for any individual policy, except as provided in paragraph (2); (B) provide written notice to policyholders at least 90 days before any premium increase; and (C) submit actuarial justification to the Secretary for any premium increase exceeding 10 percent. (2) EXCEPTIONS.— (A) The Secretary may authorize higher rate increases if necessary to maintain insurer solvency or respond to extraordinary circumstances. (B) Premium adjustments resulting from qualified mitigation measures under Section 6 shall not count toward the limitations in paragraph (1). (b) STATE COORDINATION.— (1) REGULATORY FRAMEWORK.—Nothing in this Act shall— (A) preempt State authority to regulate residential property insurance premiums; or (B) prevent States from establishing additional consumer protections consistent with this Act. (2) INCENTIVE GRANTS.— (A) The Secretary shall establish a grant program to assist States in developing and implementing insurance regulatory frameworks that— (i) promote residential property insurance market stability; (ii) protect homeowners from unsustainable premium increases; and (iii) encourage natural catastrophe risk mitigation. (B) AUTHORIZATION.—There is authorized to be appropriated $500,000,000 for fiscal years 2027 through 2032 to carry out this paragraph. SECTION 6. MITIGATION AND RESILIENCE. (a) MITIGATION CREDITS.—Participating insurers shall provide premium discounts for properties that implement qualified natural catastrophe resilience improvements. (b) HOMEOWNER GRANTS.— (1) The Secretary shall establish a grant program to assist homeowners with the cost of qualified natural catastrophe resilience improvements. (2) Priority shall be given to: (A) low- and moderate-income households in high-risk areas; (B) properties with prior natural catastrophe claims; (C) properties in areas with limited private insurance availability. (3) AUTHORIZATION OF APPROPRIATIONS.— (A) There is authorized to be appropriated $2,000,000,000 for fiscal years 2027 through 2032 to carry out this subsection. (B) Of the amount authorized under subparagraph (A), not less than 60 percent shall be used for grants to households with incomes below 80 percent of area median income. (4) INDIVIDUAL GRANT LIMITS.— (A) Grants shall not exceed the lesser of: (i) 75 percent of the cost of qualified improvements; or (ii) $20,000 per property. (B) The Secretary may adjust these limits annually for inflation. SECTION 7. PROGRAM FUNDING AND RECOUPMENT. (a) FEDERAL PAYMENTS.—Payments made by the Secretary under this Act shall be made from funds appropriated for such purpose. (b) BORROWING AUTHORITY.—The Secretary may borrow from the Treasury to make payments under this Act if appropriated funds are insufficient. (c) RECOUPMENT.— (1) MANDATORY RECOUPMENT THRESHOLDS.— (A) The Secretary shall implement mandatory recoupment when aggregate insured losses in a calendar year are less than $75,000,000,000, according to the following schedule: (i) For aggregate insured losses less than $50,000,000,000, the recoupment rate shall be 140 percent; (ii) For aggregate insured losses between $50,000,000,000 and $74,999,999,999, the recoupment rate shall be 130 percent; and (iii) For aggregate insured losses between $75,000,000,000 and $100,000,000,000, the recoupment rate shall be 120 percent. (B) The recoupment amount shall be calculated as the applicable percentage of the difference between: (i) the amount of Federal payments made under the Program; and (ii) the amount of premiums collected by participating insurers for qualifying insurance policies. (2) RECOUPMENT TIMELINE.— (A) The Secretary shall collect mandatory recoupment within 5 years of the calendar year in which Federal payments were made. (B) The Secretary shall establish annual collection targets to ensure steady progress toward full recoupment. (C) The Secretary may extend the recoupment period by up to 2 additional years if: (i) market conditions indicate severe economic stress; (ii) premium increases exceed 15 percent annually; or (iii) more than 25 percent of policyholders would qualify as cost-burdened under the original timeline. (3) DISCRETIONARY RECOUPMENT.— (A) For losses exceeding $75,000,000,000, the Secretary may implement discretionary recoupment after considering: (i) residential property insurance market stability; (ii) consumer affordability metrics; (iii) regional economic conditions; (iv) availability of private market coverage; and (v) other relevant economic factors. (B) Discretionary recoupment surcharges shall not exceed: (i) 2.5 percent of annual premiums in years 1-3 following the loss event; (ii) 2.0 percent of annual premiums in years 4-5 following the loss event; and (iii) 1.5 percent of annual premiums in any subsequent years. SECTION 8. PROGRAM TERMINATION. This Act shall terminate on December 31, 2037, unless extended by an Act of Congress. SECTION 9. REGULATORY AUTHORITY. (a) GENERAL AUTHORITY.—The Secretary may issue such regulations as may be necessary to carry out this Act. (b) REQUIRED REGULATIONS.—The Secretary shall issue regulations establishing: (1) Criteria for qualified natural catastrophe resilience improvements; (2) Standards for premium discount calculations; (3) Procedures for claims coordination with other federal insurance programs; (4) Requirements for participating insurer financial stability; (5) Methods for calculating and collecting recoupment amounts; and (6) Metrics for program effectiveness evaluation. SECTION 10. AUTHORIZATION OF APPROPRIATIONS. (a) PROGRAM ADMINISTRATION.—There are authorized to be appropriated such sums as may be necessary to carry out the administrative functions of this Act. (b) FEDERAL PAYMENTS.—There are authorized to be appropriated such sums as may be necessary to carry out the federal payment obligations of this Act, subject to the recoupment provisions of Section 7.

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