NevadaSB19383rd Regular Session (2025)SenateWALLET

AN ACT relating to housing; requiring 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 certain eligible borrowers; making an appropriation for the pilot program; and providing other matters properly relating thereto.

Sponsored By: Dina Neal (Democratic), Fabian Doñate (Democratic), James Ohrenschall (Democratic), Melanie Scheible (Democratic), Nicole J. Cannizzaro (Democratic)

Failed

BDR 25-42

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Lower mortgage rates for Nevada homebuyers

Beginning July 1, 2025, the law provides $10 million for a Nevada Housing Division mortgage-rate pilot, subject to available funds. It permanently lowers interest rates on 30-year fixed-rate loans from approved lenders for homes buyers live in. Buyers must be obtaining their first mortgage for an owner-occupied Nevada home. Generally, buyers and their spouses must have owned no residential property during the previous three years. Exceptions cover single displaced homemakers who only owned a home with a spouse or lived in a spouse-owned home, and single parents with those same circumstances while married. Household income generally cannot exceed 160% of the median income in the home's county; the Division may create a waiver process. Buyers apply through the program and must meet lender approval standards and other Division rules. The Division sets lender participation rules, and the law does not set each buyer's rate reduction. The Division cannot commit funds after June 30, 2027, and must return unspent money by September 17, 2027.

Sponsors & Cosponsors

Sponsors

  • Dina Neal

    Democratic • Senate

  • Fabian Doñate

    Democratic • Senate

  • James Ohrenschall

    Democratic • Senate

  • Melanie Scheible

    Democratic • Senate

  • Nicole J. Cannizzaro

    Democratic • Senate

Cosponsors

  • Angela D. Taylor

    Democratic • Senate

  • Edgar Flores

    Democratic • Senate

  • Julie Pazina

    Democratic • Senate

  • Marilyn Dondero Loop

    Democratic • Senate

  • Michelee "Shelly" Cruz-Crawford

    Democratic • Senate

  • Roberta Lange

    Democratic • Senate

  • Rochelle T. Nguyen

    Democratic • Senate

  • Skip Daly

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 14 • No: 5

Senate vote • 5/28/2025

Final Passage - Senate (1st Reprint)

Yes: 14 • No: 5

Actions Timeline

  1. (No further action taken.)

    6/3/2025House
  2. Read second time.

    6/1/2025House
  3. Placed on Second Reading File.

    6/1/2025House
  4. From committee: Do pass.

    6/1/2025House
  5. Read first time. Referred to Committee on Ways and Means. To committee.

    5/29/2025House
  6. In Assembly.

    5/29/2025House
  7. From printer. To re-engrossment. Re-engrossed. Second reprint. To Assembly.

    5/29/2025Senate
  8. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 14, Nays: 5, Excused: 2.) To printer.

    5/28/2025Senate
  9. Reprinting dispensed with.

    5/28/2025Senate
  10. Read third time. Amended. (Amend. No. 873.)

    5/28/2025Senate
  11. Placed on General File.

    5/28/2025Senate
  12. From committee: Amend, and do pass as amended.

    5/28/2025Senate
  13. From printer. To engrossment. Engrossed. First reprint. To committee.

    4/15/2025Senate
  14. Taken from General File. Re-referred to Committee on Finance. Exemption effective. To printer.

    4/14/2025Senate
  15. Read second time. Amended. (Amend. No. 4.)

    4/14/2025Senate
  16. Notice of eligibility for exemption.

    4/14/2025Senate
  17. From committee: Amend, and do pass as amended.

    4/10/2025Senate
  18. From printer. To committee.

    2/11/2025Senate
  19. Read first time. Referred to Committee on Commerce and Labor. To printer.

    2/10/2025Senate

Bill Text

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