1. Short title This Act may be cited as the First-Time Homeowners Assistance Act of 2019 . 2. Qualified first-time homeowner assistance program (a) In general Part VIII of subchapter F of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 530A. Qualified first-time homeowner assistance program (a) General rule A qualified first-time homeowner assistance program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). (b) Qualified first-Time homeowner assistance program For purposes of this section— (1) In general The term qualified first-time homeowner assistance program means a program established and maintained by a State, or agency or instrumentality thereof— (A) under which a person may make contributions to a first-time homeowner assistance account, (B) under which neither contributors nor beneficiaries are prohibited by reason of residency within the State, and (C) which meets the other requirements of this subsection. (2) Cash contributions A program shall not be treated as a qualified first-time homeowner assistance program unless it provides that contributions— (A) may only be made in cash, (B) may not be made after the date on which the account beneficiary attains age 40, or (C) except in the case of rollover contributions, if such contribution would result in aggregate contributions for all taxable years exceeding $20,000. (3) Separate accounting A program shall not be treated as a qualified first-time homeowner assistance program unless it provides separate accounting for each designated beneficiary. (4) Limited investment direction A program shall not be treated as a qualified first-time homeowner assistance program unless it provides that any contributor to, or designated beneficiary under, such program may, directly or indirectly, direct the investment of