LAS VEGAS, Nev. (FOX5) – A state lawmaker is working to make homes more affordable for middle-class Nevadans.
Sen. Fabian Doñate is one of several lawmakers behind S.B. 193.
The measure would establish a two-year pilot program to reduce interest rates on mortgage loans for first-time homebuyers.
“I noticed the challenges the state faces and ultimately what we have noticed is that buying a house is very difficult, especially with the high interest rates,” Doñate said.
An individual who makes less than $140,000 would be able to buy down their interest rate.
“Right now the projections are that around 1,000 families in the state would be able to benefit from such a program,” he said. “This could bring down up to a point which could save families anywhere between $50,000 to $150,000 over the lifetime of the loan.”
Sen. Donate says it’s just one way to address the state’s ongoing housing affordability crisis.
“Buying a home is part of the American dream and it was my American dream last year and I want to make sure other families have the same opportunity,” he added.
The bill, which would cost the state $10,000,000, passed unanimously from the Senate Committee on Commerce. It will now be referred to Senate Finance for the budgetary process.
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