Home Modifications for Accessibility Act (H.R. 7676)

Thanks to the lobbying efforts of the HomesRenewed Coalition, on May 6, 2022 a bill was introduced in the US House of Representatives by Charlie Crist (D-FL) and Tom Suozzi (D-NY), who are co-sponsors of the Home Modifications for Accessibility Act (H.R. 7676) which would offer tax incentives for home modifications that would help American homeowners Age-In-Place.

The bill would allow homeowners under 59 ½ years-old to make early, penalty-free withdrawals from their IRA accounts up to $30,000 for eligible home modifications. Homeowners older than 59 ½ could take “above the line tax deductions” which reduce gross income for up to $30,000 for eligible home modifications.

HomesRenewed Coalition believes the best way to provide homeowners with a nudge to modify their homes and anticipate future safety needs is to give them a financial incentive. This could be a wonderful opportunity for all older Americans to be PROACTIVE and make home modifications before there is a fall or injury.

Americans are encouraged to take action now and reach out to their Congressional Representative and express their support of H.R. 7676 and also encourage their representative to sign on as a co-sponsor of this bill. Also, share this information with colleagues, clients, friends and family members – the more people reach out to their representatives the better chance this bill has to be passed into law. Please help spread the word about this bill that could benefit older Americans.

Businesses and individuals can join the HomesRenewed Coalition and support the lobbying efforts with membership. Contact Louis Tenenbaum at 301-983-0131 or visit the website at "www.HomesRenewedCoalition".