MIL-OSI USA: Rosen Helps Introduce Bill to Lower Costs for First-Time Homebuyers

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US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

WASHINGTON, DC – Today, 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.

“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.”

Senator Rosen has been fighting to lower housing costs for Nevadans. This week, she announced that she helped secure more than $1.34 billion in funding for Tribal housing programs as part of the first bipartisan government funding package for Fiscal Year 2024. Senator Rosen also recently introduced the Housing Oversight and Mitigating Exploitation (HOME) Act to crack down on housing price gouging by corporate investors driving up home prices by buying up housing stock. Last year, she led her colleagues in a letter to Senate appropriators requesting they fund the U.S. Department of Housing and Urban Development’s Veterans Affairs and Supportive Housing program. Senator Rosen also helped pass legislation to provide nearly $165 million in funding to Nevada for emergency rental assistance, as well as the funding for Nevada’s $500 million Home Means Nevada Initiative.