Amends the Internal Revenue Code of 1986 to allow certain transactions between individually directed accounts and account holders or their families regarding residential property.
Introduces a provision permitting the investment of plan assets in residential property for the account beneficiary or their family.
Specifies that the new provisions apply to transactions occurring after the enactment of the legislation.
Increases the allowable loan amount from qualified employer plans for the acquisition of a dwelling unit from $10,000 to $50,000.
States that the increased loan amount applies to loans made after the enactment of the legislation.
