SB629 • 2026

First-time home buyer savings plan; townhouses, principal limits.

<p class=ldtitle>A BILL to amend and reenact §§ 36-171 and 36-173 of the Code of Virginia, relating to first-time home buyer savings plan; townhouses; principal limits.</p>

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Srinivasan
Last action: 2026-02-10
Official status: Continued
Effective date: Not listed

Plain English Breakdown

The effective date of the bill is unknown as per the official source material.

First-Time Home Buyer Savings Plan Changes

This bill changes the First-Time Home Buyer Savings Plan to include townhouses and increase contribution limits.

What This Bill Does

Includes townhouses in the definition of single-family residence for the savings plan.
Increases the maximum amount that can be put into a first-time home buyer savings account from $50,000 to $100,000.
Raises the limit on how much money can stay in the account from $150,000 to $200,000.

Who It Names or Affects

People who are saving for their first home purchase.
Home buyers purchasing townhouses.

Terms To Know

First-Time Home Buyer Savings Plan: A program that helps people save money to buy their first home.
Principal limit: The maximum amount of money allowed in a savings account for buying a home.

Limits and Unknowns

It is not clear when the bill will take effect.
The bill does not specify how it will be funded.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SB629ASC1

2026-01-28

General Laws and Technology Amendment

Plain English: The amendment modifies eligibility criteria for the first-time home buyer savings plan by expanding it to married individuals filing jointly and clarifying ownership requirements.

Expands eligibility from individual applicants to include married individuals filing jointly.
Clarifies that eligible applicants must have had no ownership interest in a principal residence, not just never owned one.
Adds detail about the type of residence being purchased as specified on the purchase agreement.
Specifies that an applicant can be considered a first-time homebuyer if they meet certain criteria.

The exact criteria for determining who qualifies as a 'first-time homebuyer' are not fully detailed in this amendment text.

SB629ASC2

2026-02-04 • Committee

General Laws and Technology Amendment

Plain English: The amendment modifies Virginia's Code to expand eligibility for the first-time home buyer savings plan and clarify certain details about ownership status and property types.

Expands eligibility from individual buyers to married couples filing jointly.
Clarifies that applicants must have had no ownership interest in a principal residence, not just an absence of owning one.
Adds detail that the purchase agreement will specify what qualifies as a principal residence.
Includes first-time homebuyers among those eligible for the savings plan.

The amendment text does not provide full context or implications beyond these specific changes, so some aspects of how it affects existing law are unclear.

SB629AS1

2026-02-05 • Committee

General Laws and Technology Amendment

Plain English: The amendment modifies Virginia's Code to expand eligibility for the first-time home buyer savings plan by allowing married couples filing jointly and specifying certain conditions related to ownership history and property type.

Adds married individuals filing jointly as eligible participants in the first-time home buyer savings plan.
Clarifies that an individual must have had no ownership interest in a principal residence, not just never owned one.
Specifies that the purchase agreement should detail the residence being bought.
Includes first-time homebuyers among those who can benefit from the program.

The amendment text does not provide full details on how these changes will be implemented or enforced.

Bill History

2026-02-10 Finance and Appropriations
Continued to 2027 in Finance and Appropriations (15-Y 0-N)
2026-02-04 General Laws and Technology
Reported from General Laws and Technology with amendments and rereferred to Finance and Appropriations (12-Y 2-N 1-A)
2026-02-04 General Laws and Technology
Senate committee amendments offered
2026-01-28 Housing
Assigned GL&T sub: Housing
2026-01-28 Housing
Senate subcommittee amendments offered
2026-01-23 Senate
Fiscal Impact statement From TAX (1/23/2026 2:35 pm)
2026-01-14 Senate
Prefiled and ordered printed; Offered 01-14-2026 26105091D
2026-01-14 General Laws and Technology
Referred to Committee on General Laws and Technology

Official Summary Text

First-time home buyer savings plan; townhouses; principal limits.
Includes townhouses in the definition of single-family residence for purposes of the First-Time Home Buyer Savings Plan Act. The bill also increases (i) the aggregate amount of principal that can be contributed to a first-time home buyer savings account from $50,000 to $100,000 and (ii) the limit on the amount of principal and interest or other income on the principal that may be retained in such an account from $150,000 to $200,000.

Current Bill Text

Read the full stored bill text

(SB629)
AMENDMENT(S) PROPOSED BY THE SENATE
GENERAL LAWS AND TECHNOLOGY
1. Line 24, introduced, after
individual
insert
or married individuals filing jointly

GENERAL LAWS AND TECHNOLOGY
2. Line 24, introduced, after
who
strike
has not owned
insert
have had no ownership interest in

GENERAL LAWS AND TECHNOLOGY
3. Line 26, introduced, after
residence
insert
,
as detailed on the purchase agreement

GENERAL LAWS AND TECHNOLOGY
4. Line 44, introduced, after the Commonwealth
insert
or is a first-time homebuyer

GENERAL LAWS AND TECHNOLOGY
5. Line 54, introduced, after unit,
insert
owner-occupied
duplex or fourplex,