NEW: Trump admin to allow Americans to pay home down payments with 401k

The Trump administration is set to unveil a plan next week that will allow Americans to use their 401(k) plans to be used for down payments on homes, according to the National Economic Council Director Kevin Hassett.

“We’re going to allow people to take money out of their 401(k)s and use that for a down payment,” Hassett said on Friday. “The president will put the final plan out in Davos next week."

Hassett said that he would be going with Trump to the conference in Switzerland next week where they will be looking at a "simple" way to transfer the funds, as to prevent damage to retirement plans. “We’re still talking about the mechanics of it,” Hassett added when speaking about the plan.

The plan comes as the Trump administration has been looking for ways to bring down the cost of housing in the US for Americans. Housing affordability has remained a top issue for many Americans, and high home prices have prevented would-be buyers from getting a home as of late.

Trump has mulled over multiple different proposals, including the banning of private equity firms and hedge funds from buying up single-family homes as well as having the Federal Housing Finance Agency to purchase $200 billion of bonds from Fannie Mae and Freddie Mac in an effort to bring down mortgage rates.

In addition to these efforts, he has repeatedly called on the Fed to lower interest rates, which would likely lower mortgage rates for home buyers. However, some analysts and econmoists have argued that the issue has been a lack of housing supply.