Bill > SB506

This bill, known as the Dream Starter Act, establishes a program to help first-generation homebuyers in Louisiana achieve homeownership by providing forgivable loans for down payments, closing costs, mortgage insurance, and interest-rate reductions. A first-generation homebuyer is defined as someone who has not previously owned a home and meets additional criteria, aiming to address barriers faced by those without generational wealth or prior homeownership experience. The program will be administered by the Louisiana Housing Corporation, which will manage a dedicated fund and can partner with various organizations. Applicants must complete homebuyer education and counseling and occupy the property as their principal residence, meaning their main home. The Louisiana Housing Corporation is required to report annually to the legislature on the program's performance and implement measures to ensure accountability and integrity, such as verifying income and occupancy and having provisions for when borrowers do not comply with the program's terms.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=SB506&sbi=y