The Problem 

 Too many Virginia families are being priced out of the dream of homeownership. Housing costs are rising faster than paychecks, and young people are finding it harder than ever to buy their first home. Government red tape and cookie-cutter policies make the problem worse. 

 

John Reid’s Housing Affordability Agenda 

 

1. Establish a First-Time Homebuyer Tax Credit 

• Create a state tax credit of up to $25,000 for first-time homebuyers. 

• Help working- and middle-class Virginians build equity and stability instead of being stuck paying rent. 

 

2. Local Flexibility, Not One-Size-Fits-All 

• Give counties and cities the tools to expand housing supply based on their own needs. 

• Encourage localities to use their bonding authority to build housing options that actually fit their communities. 

• Partner with Virginia Housing and Planning District Commissions to deliver solutions rooted in local input. 

 

3. Cut Red Tape That Drives Up Costs 

• Streamline permitting and review processes for redevelopment projects. 

• Roll back regulations that slow down construction or inflate costs without improving quality or safety. 

• Clear the way for builders to deliver more starter homes, townhouses, and affordable options. 

 

4. Invest in Starter Homes & Middle-Class Options 

• Incentivize new construction that creates attainable housing for first-time buyers and middle-class families. 

• Encourage redevelopment of abandoned commercial buildings into residential housing. 

• Promote innovative building methods that reduce construction costs while maintaining safety. 

 

5. Protect Families from Rising Insurance Costs 

• Work with insurers to stabilize home and flood insurance rates that are crushing Virginia families. 

• Support expanded coverage options through the Virginia Property Insurance Association. 

• Provide targeted tax incentives for families who invest in home hardening and flood mitigation, lowering both risk and insurance costs. 

• Increase competition by allowing families to purchase home and flood insurance across state lines—forcing insurers to compete and lowering costs for Virginia homeowners.