SB 629 Virginia Senate · 2026 Regular Session

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

Summary
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.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2026
Committee Review
Floor Vote
Governor
Introduced Jan 14, 2026 Last action Feb 10, 2026
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
8
Key actions
3
Committee
5
Feb 4, 2026
Upper · Passed
Reported from General Laws and Technology with amendments and rereferred to Finance and Appropriations (12-Y 2-N 1-A)
upper
Feb 4, 2026
Upper · Passed
Senate committee amendments offered
upper
Jan 28, 2026
Upper · Passed
Senate subcommittee amendments offered
upper
Jan 28, 2026
Committee
Assigned GL&T sub: Housing
upper
Jan 14, 2026
Committee
Referred to Committee on General Laws and Technology
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Kannan Srinivasan
Kannan Srinivasan
DDemocratic
VA
32