Introducing Louisiana First Home
LOUISIANA REALTORS • March 12, 2018
Invest in the Future. Invest in Louisiana.
As a REALTOR®, you know that many aspiring first-time homebuyers in Louisiana find it hard to save for a down payment, especially young families that are heavily burdened by student debt. Inline with our mission as the Voice of Real Estate, Louisiana REALTORS® is working with REALTOR® & Representative Paula Davis (District 69) to pass House Bill No. 383
- First Time Home Buyer Rebate
as part of the 2018 Legislative Session.
This bill would allow first-time home buyers up to $7,500 in closing costs and down payment in the form of a rebate filed for after the completion of the purchase.
But this program helps more than just first-time homebuyers. These rebate dollars will be spent by these homeowners on improvements and products for their new home. This, in turn, would give additional business to people employed in the home improvement industry and stores where home products are purchased. Other states like Mississippi and Iowa have had success in getting similar programs passed.
While we recognize our state is in a budget crisis and there is an uphill battle in getting this legislation passed, we want to be proactive for consumers. Should our state's budget be a barrier to passing this new program, our goal is to introduce this concept and educate legislators and the public about the important role REALTORS® and home ownership plays in our communities.
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple joined Governor Jeff Landry and Senate Insurance Committee Chairman Kirk Talbot today to announce that Louisiana is investing an additional $20 million in Fortified homes, bringing the total amount invested in state Fortified projects this year to $100 million. Governor Landry announced that $20 million from the U.S. Department of Housing and Urban Development will be transferred to the Louisiana Office of Community Development Restore Resilient Opportunities for Overhead Fortification (Restore ROOF) program to strengthen residential structures and reduce long-term disaster risk. Earlier this year, the Legislature passed a bill that allows $50 million in additional Katrina and Rita bond money from Louisiana Citizens Property Insurance Corporation to be added to the Department of Insurance’s Louisiana Fortify Homes Program (LFHP). Also beginning this year, LFHP is projected to receive approximately $30 million annually from taxes and fees the Louisiana Department of Insurance collects from the insurance industry. “Building stronger homes is a vital part of making homeowners insurance affordable in Louisiana,” said Commissioner Temple. “I appreciate Governor Landry’s leadership and support as we work with legislators like Chairman Talbot to make Louisiana a national leader in the adoption of Fortified roofs.” The Louisiana Department of Insurance (LDI) has finalized its promulgation of Regulation 136—Fortify Homes Premium Discounts. The purpose of Regulation 136 is to implement the statutory provisions set forth in La. R.S. 22:1483, et seq. , which require that all Louisiana property and casualty insurers provide premium discounts or insurance rate reductions for homes constructed or upgraded in accordance with the fortified standards created by the Insurance Institute for Business and Home Safety. View Regulation 136 here .
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