The Commerce, Agriculture and Natural Resources Subcommittee advanced two bills unanimously, including a measure updating Virginia's First-Time Home Buyer Savings Program to include townhomes and raise contribution limits, and a bill removing matching fund requirements for small Virginia Innovation Partnership Corporation grants under $100,000.
“We have really a significant housing crisis where there are somewhere in the neighborhood of between 200 and 300,000 shortage of housing units across the commonwealth and that problem is getting worse every year by about 5,000 additional units.”
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Sign in to subscribeOn commerce, agricultural, natural resources. I am your chair, Paul Krezak. And we have two bills before us. And I am going to first ask the clerk to put up the roll. Thank you, clerk. We have a quorum. All right. Our first bill is HB 183. Delegate Reed, I understand you have a substitute. Yes, Mr. Chair. All right, we're going to move the substitute to have a motion so moved. Second. Second. It's been moved and seconded. All those in favor addressing the substitute, please signify saying aye. Aye. Opposed? Okay, the ayes have the substitutes before us. Delegate Reed. All right. All right. Thank you, Mr. Chair, and thank you members of the subcommittee. Just to give you an idea of what the substitute does based upon the original one, it just makes some improvements to the definition of what would be qualified as a first time home buyer. Because what this is is this is the first time home buyer savings program that was originally put in place in 2014 to allow individuals to be able to make contributions to an account that would then be tax exempt for the purposes of doing a down payment…
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