Reid Announces Housing Affordability Agenda with $25,000 First-time Homebuyer Tax Credit

FOR IMMEDIATE RELEASE

August 26, 2025

Contact: contact@johnreidforvirginia.com

HENRICO, Va. — Republican candidate for Lieutenant Governor John Reid today announced his latest pillar of the Real Virginia Agenda: a commonsense plan to make housing more affordable for families across the Commonwealth. 

The proposal includes establishing a $25,000 first-time homebuyer state tax credit through 2029, cutting red tape on housing development, empowering localities with more flexibility, incentivizing construction of starter homes and middle-class housing, and protecting families from rising insurance costs by allowing more competition across state lines. 

“Homeownership is the foundation of the American Dream, and too many Virginians feel locked out,” said Reid. “That’s why I’m proposing a $25,000 first-time homebuyer tax credit, cutting red tape, protecting families from rising insurance costs, and giving communities the flexibility to grow in their own way. By focusing on commonsense solutions, we can make Virginia a place where families can put down roots, buy their first home, and build a future.” 

The Reid Housing Affordability Agenda includes: 

• Establishing a $25,000 first-time homebuyer tax credit through 2029. 

• Giving cities and counties more tools and flexibility to build housing that meets local needs. 

• Cutting red tape and streamlining permitting to reduce costs and speed up development. 

• Investing in starter homes, redevelopment of underused properties, and innovative building solutions. 

• Protecting families from rising insurance costs by stabilizing home and flood insurance rates, expanding coverage options, incentivizing resiliency upgrades, and allowing families to purchase insurance across state lines to increase competition and lower premiums. 

The full agenda is available now on John Reid’s The Reid Revolution Substack HERE.