In an attempt to strengthen the state’s housing market, Virginia has passed a measure that allows first-time home buyers to invest up to $50,000 in any financial institution, free of state taxes on any earnings, provided the money is used to buy a home in the state. Called the First-time Homebuyer Savings Plan HB331, the maximum investment of $50k can grow up to $150,000, and can be used to purchase a single-family home, condo, co-op or manufactured home, according to housingwire.com. Supported by the Virginia Association of Realtors (VAR), family members can contribute to the savings plan as long as the money is used for a first-time homebuyer in the future, MHProNews has been informed. Says patron of the bill, Virginia Delegate Tag Gleason, “By supporting this plan, Virginia re-enforces the commitment we have to our younger citizens, our families, and the overall recovery of the housing market.” ##
