Restore American Dream Act of 1997

Restore American Dream Act of 1997 - Amends the Internal Revenue Code to permit, in the case of an individual who has never had an ownership interest in a principal residence, a limited deduction for amounts paid into a home ownership plan. Defines such a plan as a trust created exclusively for the purpose of paying qualified principal residence acquisition expenses. Excludes qualified distributions from such a plan from gross income. Exempts such a plan from taxation.