The First-Time Home Buyer Empowerment Act aims to help individuals who are buying their first home by allowing them to use funds from long-term qualified tuition programs for this purpose. The main objective is to make homeownership more accessible for first-time buyers by providing a financial resource that can be used for purchasing a principal residence. Key provisions of the Act include the ability for designated beneficiaries of long-term qualified tuition programs to withdraw funds for a first home purchase without incurring certain tax penalties.