Establishes a pilot program to reduce interest rates on mortgage loans to certain eligible borrowers. (BDR 25-42)

SB 193 establishes a state pilot program to reduce mortgage interest rates for eligible first-time homebuyers. The program, administered by the Housing Division, provides interest rate buy-downs for owner-occupied homes to families meeting specific criteria: household income at or below 160% of the county median, first-time homebuyer status (with defined exceptions for displaced homemakers and single parents), and mortgage loan eligibility. Participants can apply through the Division, with the program covering up to the full duration of the mortgage loan. The bill includes an appropriation for program implementation but does not affect local or state government budgets beyond the specified funding.