A bill to encourage home ownership by amending the Internal Revenue Code of 1954 to allow a deduction for certain contributions to an individual housing account.

Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.