Bill > HB1598

This bill establishes a First-Time Homebuyer Grant Program in Virginia to assist first-time homebuyers with purchasing residential property. The program provides a grant equal to five percent of a home's purchase price, up to $10,000, for eligible individuals or married couples who meet specific criteria. To qualify, applicants must not have owned a principal residence in the past three years and must have an annual household income that does not exceed $100,000 or the median income for their locality, whichever is greater. The grant will be awarded on a first-come, first-served basis, but recipients must repay the grant if they sell the property within three years of purchase, with an exception for sales resulting from natural disasters or acts of God. The Department responsible for the program will develop guidelines for administering the grants and managing repayment requirements, and these guidelines will be exempt from the standard administrative process regulations. The program is designed to run during calendar years 2025 through 2029 and aims to help make homeownership more accessible for first-time buyers in Virginia.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB1598