Establishes a pilot program to reduce mortgage interest rates for eligible families in Nevada.

The bill requires the Housing Division of the Department of Business and Industry to establish a pilot program to buy down the interest rate on mortgage loans for eligible families. Eligible families must meet certain criteria, including being first-time homebuyers and having a household income not exceeding 160 percent of the median income for their county. The program includes a process for eligible families to apply, a buy-down period, and provisions for waivers in certain circumstances. The bill appropriates $10,000,000 from the State General Fund for the pilot program.

Establishes a pilot program to reduce mortgage interest rates for eligible families in Nevada.

The bill requires the Housing Division of the Department of Business and Industry to establish a pilot program to buy down the interest rate on mortgage loans for eligible families. Eligible families must meet certain criteria, including being first-time homebuyers and having a household income not exceeding 160 percent of the median income for their county. The program includes a process for eligible families to apply, a buy-down period, and provisions for waivers in certain circumstances. The bill appropriates $10,000,000 from the State General Fund for the pilot program.