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Board authorizes up to $225M in single-family mortgage bonds to continue homeownership programs
Summary
The board authorized the Nevada Housing Division to issue up to $225 million in single-family mortgage revenue bonds (taxable and tax-exempt) to support mortgage products for qualified buyers, continuing programs that provided down-payment assistance and loans to first-time and non-first-time buyers.
The State Board of Finance approved a Nevada Housing Division request to issue up to $225,000,000 in single-family mortgage revenue bonds to support mortgage products for qualified homebuyers. Aichroth and Christine Hess explained the long-running program (more than $2 billion issued and retired over 30 years) and said the blended use of taxable and tax-exempt bonds expands the division’s ability to serve households earning up to $160,000 annually.
Hess summarized program outcomes: the Home First Program (now complete) provided $7.5 million in down-payment assistance across roughly 500 loans with an average buyer income of $67,559 and average purchase price of $308,000; since January 1, the blended issuance approach produced 293 loans with $91 million in loan volume (average purchase price $319,000; average borrower income $76,168). With the blended product, the division has made 191 loans under the Home Is Possible Down Payment Assistance Program with $66.3 million in loan volume and an average purchase price of $357,000.
Treasurer Conine moved approval and the motion passed unanimously. Staff said the $225 million authority should supply funding through the end of the calendar year under current demand assumptions and that the division plans to return before pricing cycles if additional capacity is needed.
