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.
