Bill > SB193

This bill establishes a pilot program through the Housing Division of the Nevada Department of Business and Industry to help eligible first-time homebuyers reduce their mortgage interest rates. The program will provide a "buy down" of interest rates for 30-year fixed-rate mortgage loans on owner-occupied residences. To qualify, borrowers must be first-time homebuyers (with specific definitions for this term, including provisions for displaced homemakers and single parents), have a household income not exceeding 160 percent of the county's median income, and meet lending institution underwriting criteria. The Division can offer waivers for income requirements and will develop an application process for interested borrowers. The bill includes a $10 million appropriation from the State General Fund to implement the pilot program, which is set to be operational starting January 1, 2026, and will expire on September 17, 2027. The program aims to make homeownership more accessible by helping eligible borrowers secure lower interest rates on their first mortgage loans.

Budget and Finance, Business and Industry

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