HB794

Louisiana First-Generation Homebuyer Assistance Act establishes a program to help first-generation homebuyers with down payments and closing costs.

The Louisiana First-Generation Homebuyer Assistance Act creates a program to aid first-generation homebuyers in purchasing a primary residence. The program, administered by the Louisiana Housing Corporation, offers up to $25,000 in assistance as a deferred, forgivable loan. Assistance can be used for down payments, closing costs, and required home inspections. The loan is forgiven if the property is occupied as a primary residence for five years. If the property is sold, refinanced, or transferred before five years, the assistance is repaid on a pro-rated basis.