NV SB193

Housing Division of the Department of Business and Industry must establish a pilot program to permanently buy down interest rates on 30-year fixed-rate mortgages for eligible first-time homebuyers purchasing owner-occupied residences in Nevada

Eligible borrowers must qualify as first-time homebuyers (no ownership interest in residential property in prior 3 years), have household income at or below 160% of county median income, and meet lender underwriting criteria

Division may grant waivers of the income requirement and must establish a process for borrowers to apply for program participation through approved lending institutions

$10,000,000 appropriated from the State General Fund to establish and operate the pilot program, with funds that must be committed by June 30, 2027, and spent by September 17, 2027

Program becomes fully effective January 1, 2026, with immediate effect upon passage for regulatory and administrative preparation