Louisiana SB506 establishes the Dream Starter Act to expand first-generation homeownership through a fund and forgivable loans.
Louisiana SB506, the Dream Starter Act, establishes the First-Generation Home Buyer Assistance Fund to provide forgivable loans for down payment assistance, closing costs, mortgage insurance, and other allowable costs. The Louisiana Housing Corporation administers the fund, which can receive legislative appropriations, federal funds, grants, gifts, donations, repayments, interest earnings, and other lawful sources. Eligible applicants must complete homebuyer education and financial counseling and occupy the property as a principal residence.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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