WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) helped introduce legislation to lower costs for first-time homebuyers. The current housing affordability crisis has hit Nevada particularly hard, making it the number one state for declining mortgage affordability. The First-Time Homebuyer Tax Credit Act will create a tax credit worth up to 10 percent of a home’s purchase price, up to $15,000, for low- and moderate-income first-time homebuyers. This credit would be available at the point of sale to help individuals and families without sufficient funds for a down payment to afford a home.
Las Vegas Review-Journal: Rosen introduces legislation to help first-time homebuyers
By Jessica Hill
Key Points:
- The First-Time Homebuyer Tax Credit Act would establish a tax credit worth up to 10 percent of a home’s purchase price — up to $15,000 — for low- and moderate- income first-time homebuyers.
- One barrier to owning a home is high down payments, Rosen said. The First-Time Homebuyer Tax Credit Act aims to make it easier for people to afford it, she said.
- The credit would be limited to home purchases financed through federally backed mortgages. It would phase out for those who make above 150 percent of the area median income and for people buying a house with a purchase price above 110 percent of the median purchase price of the area.
- If the bill is passed, the tax credit would be available at the point of sale to help families without enough money for a down payment afford a home, according to the statement from Rosen’s office.
KOLO Reno: Rosen helps introduce bill that would create tax credit for first time homebuyers
By Kevin Sheridan
Key Points:
- “Skyrocketing home prices are making it more difficult for hardworking Nevadans to achieve their dream of owning a home,” said Senator Rosen. “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. This bill will help lower costs and make it easier for first-time homebuyers to afford a down payment. I’ll keep fighting to lower housing costs for hardworking families in our state.”
- The bill comes following a report from Sierra Nevada Realtors which showed home prices in northern Nevada increased in the month of February.
KSNV Las Vegas: Rosen helps introduce bill to lower costs for first-time homebuyers
Host: “U.S. Senator Jacky Rosen from Las Vegas announcing the introduction of legislation aimed at lowering costs for first-time homebuyers. The bill would create a tax credit worth up to 10 percent of a home’s purchase price, and up to $15,000 for low- and moderate-income first-time homebuyers. A new study shows most people in Las Vegas are priced out of the housing market, shows more than 80 percent of homes sold in our valley were unaffordable for median-income families.”
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