Bill > SB193

This bill establishes a pilot program through Nevada's Housing Division to help eligible first-time homebuyers reduce their mortgage interest rates. The program allows borrowers to "buy down" the interest rate on a 30-year fixed-rate mortgage for an owner-occupied residence, with several specific eligibility requirements. To qualify, borrowers must be first-time homebuyers (defined inclusively to include displaced homemakers and single parents), have a household income not exceeding 160% of the county's median income, and meet underwriting criteria established by approved lending institutions. The Division can also provide a waiver process for the income requirement. The program is funded with a $10 million appropriation from the State General Fund, with funds available until June 30, 2027. The pilot program aims to make homeownership more accessible by helping reduce borrowing costs for qualifying individuals, particularly those who might struggle to afford a home in the current market. The bill will become effective on July 1, 2025, giving the Housing Division time to develop and implement the program's regulations and application process.

Budget and Finance, Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12237/Overview