Sen. Jacky Rosen introduces bill to lower costs for first-time Nevada homebuyers

FILE - Sen. Jacky Rosen, D-Nev., listens during a hearing of the Senate Armed Services Subcommittee on Strategic Forces to examine United States Space Force programs in review of the Fiscal Year 2024 Defense Authorization Request, March 14, 2023, in Washington. Rosen announced Monday, March 4, 2024, at a union hall in Las Vegas that she has officially filed for reelection in a presidential battleground state that is a top GOP target in a challenging 2024 Senate map. (AP Photo/Alex Brandon, File)

By Sophie Boudreau

March 18, 2024

The First-Time Homebuyer Tax Credit Act would create a point-of-sale tax credit for up to 10% of a home’s purchase price, capped at $15,000.

Dreaming of buying your first home in Nevada, but feeling limited by costs? You’re not alone. For many would-be homeowners, rising housing rates have made monthly mortgage payments feel out-of-reach—let alone lump sum down payments.

According to real estate marketplace Zillow, the average cost of a home for sale in Nevada is $426,267, a 2.3% increase in just the last year. An October 2023 analysis from Redfin also reported that households in Las Vegas needed a six-figure income—at least $113,186 annually—to afford a mortgage, a 15% rise from 2022.

In response to the housing affordability crisis, Senator Jacky Rosen (D-NV) introduced legislation last week that would provide first-time homebuyers with a sizable tax credit to reduce down payment strain and eliminate barriers to homeownership for low- and middle-income Nevadans.

The First-Time Homebuyer Tax Credit Act would create a point-of-sale tax credit for up to 10% of a home’s purchase price, capped at $15,000. For first-time buyers, this credit would help alleviate the stress of a large upfront down payment necessary for mortgage approval.

“Skyrocketing home prices are making it more difficult for hardworking Nevadans to achieve their dream of owning a home,” said Rosen in a press release. “One of the main barriers to homeownership is being able to afford a down payment, and I’m working at the federal level to bring relief to Nevadans.”

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The First-Time Homebuyer Tax Credit Act wouldn’t be Nevada’s only homeowner assistance program. Low- and moderate-income homebuyers are also eligible for the statewide Home Is Possible program, which provides them with fixed interest 30-year mortgages and other financial benefits.

Some first-time Nevada homeowners and veterans also qualify for the Mortgage Credit Certificate program, which offers a federal income tax credit based on mortgage loan interest.

Rosen, who’s seeking reelection this fall, has a record of backing housing legislation for Nevadans. Last week, she announced that she’d helped Nevada Tribal communities secure more than $1.3 billion in funding for housing as part of a bipartisan package signed into law by Congress.

In January, she introduced the Housing Oversight and Mitigation Exploitation (HOME) Act, a bill designed to prevent corporate investors from price-gouging or buying an excessive amount of real estate and driving up housing costs for everyday Nevadans.

 

  • Sophie Boudreau

    Sophie Boudreau is a writer and editor with nearly a decade of experience covering lifestyle, culture, and political topics. She previously served as senior editor at eHow and produced Michigan and Detroit content for Only In Your State.

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