2025 SESSION
HOUSE SUBSTITUTE
25106520D
HOUSE BILL NO. 1598
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Appropriations
on January 31, 2025)
(Patron Prior to SubstituteDelegate Cole)
A BILL to amend the Code of Virginia by adding in Chapter 8 of Title 36 a section numbered 36-140.02, relating to First-Time Homebuyer Grant Program.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 8 of Title 36 a section numbered 36-140.02 as follows:
36-140.02. First-Time Homebuyer Grant Program.
A. As used in this section, unless the context requires a different meaning:
"First-time homebuyer expenses" means costs incurred by a first-time homebuyer in the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement.
"Eligible first-time homebuyer" means an individual or married individuals filing jointly (i) who has had no ownership interest in a principal residence during the preceding three-year period ending on the date of purchase of the residential real property detailed on the standard purchase agreement and (ii) who has an annual household income in the most recent taxable year that does not exceed the greater of (a) $100,000 or (b) the median annual household income for the locality in which such residential real property is situated according to the most recent data available from the U.S. Census Bureau.
B. The Department shall establish the First-Time Homebuyer Grant Program (the Program) to assist eligible first-time homebuyers in paying for first-time homebuyer expenses. The Department shall award eligible first-time homebuyers a grant in an amount equal to five percent of first-time homebuyer expenses incurred during the calendar year, not to exceed $10,000, on a first-come, first-served basis.
C. Any grant awarded pursuant to this section shall be repaid to the Commonwealth in the event that the residential real property for which first-time homebuyer expenses were incurred and such grant was awarded is sold within three years from the purchase date of such property. Repayment pursuant to this subsection shall not be required if such sale was made following a natural disaster or other act of God that made such residential real property uninhabitable.
D. The Department shall develop guidelines for administering the Program and for any repayment requirements provided by this section. Such guidelines shall be exempt from the provisions of the Administrative Process Act ( 2.2-4000 et seq.).