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Virginia · 2026 Regular Session · Bill

SB 629: First-time home buyer savings plan; townhouses, principal limits.

In committee Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

SB 629 is a bill introduced in the Virginia Senate on January 14, 2026. According to its official title, it concerns: First-time home buyer savings plan; townhouses, principal limits. Primary sponsor: Kannan Srinivasan (Democratic). Most recent recorded action (February 10, 2026): Continued to next session in Finance and Appropriations (15-Y 0-N).

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Democratic 1

NameRolePartyChamberDistrict
Kannan SrinivasanPrimary sponsorDemocraticSenate32

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

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

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source