HB 183·VA·house
First-time home buyer savings plan; townhouses, principal limits.
Passed One ChamberFiled Jan 7, 2026
Sponsor: Reid
Latest Action
Continued from last session
Jul 21, 2026
Summary
The measure updates Virginia’s First‑Time Home Buyer Savings Plan by allowing townhouses to count as single‑family residences and doubling the maximum contribution limit from $50,000 to $100,000. It also raises the overall cap on principal plus earnings that can stay in the account from $150,000 to $200,000. The changes give prospective buyers a larger tax‑free pool for down payments and closing costs.
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