State agencies offer tax credit incentives to homebuyers

The Nevada Housing Division and Nevada Rural Housing Authority have partnered to expand the Home at Last Mortgage Credit Certificate program to the urban areas of Nevada, including Las Vegas, North Las Vegas, Henderson and Reno. In 2013, nearly 200 families in rural Nevada received tax credit benefits through the program.

With the program, an average homebuyer receives a $2,000 tax refund at the end of the year when filing his or her taxes, and can be taken every year the borrower lives in the home, for the life of the loan. That’s an average savings of more than $40,000 in mortgage interest over the life of the loan.

Until now, this program has been limited to Nevada cities with populations fewer than 150,000 people, which left out potential homeowners in Nevada’s biggest cities. The division has allocated $130 million in private activity bond cap to extend the program to the urban areas of Nevada; and anticipates the program will help more than 600 households qualify for a mortgage.

“When you compare the mission statements of the NHD and the NRHA, it’s easy to see why a partnership made sense,” said NRHA Executive Director Gary Longaker. “We’re both committed to improving the quality of life for Nevadans through affordable housing opportunities. Delivering programs like the Mortgage Credit Certificate, along with our First Time Homebuyer program, Teacher’s First Program, and Veteran’s Benefit Program, allows the Housing Division to fulfill our mission of providing affordable housing solutions for all Nevadans. This partnership allows us to help even more homebuyers throughout the state.”

“The division is excited to partner with the NRHA to provide the MCC program to veterans and first-time homebuyers in areas of the state that did not have access to this program previously,” said Nevada Housing Division Administrator CJ Manthe. “It’s my belief this program will assist individuals and families to qualify for mortgages, which will allow them to live and raise their families here in this great state.

To qualify for the program, one must be a first-time homebuyer, meaning he or she cannot have owned a home in the past three years, and must be purchasing the home as their primary residence, though the first-time homebuyer requirement can be waived for veterans.

Households must meet income and purchase price qualifications (varying by county and household size) and normal Federal Housing Administration, Veterans Affairs, conventional or U.S. Agriculture Department’s rural development underwriting requirements. Nevadans can learn more about the program, and get a list of approved lenders, by visiting or by emailing