Housing (Mortgages)

This Louisiana legislation establishes the Dream Starter Act to expand homeownership opportunities for first-generation homebuyers. The bill creates a state fund administered by the Louisiana Housing Corporation to provide forgivable loans covering down payments, closing costs, and mortgage insurance. Eligible applicants must complete homebuyer education, undergo financial counseling, and occupy the property as their primary residence to receive assistance. Additionally, the program requires annual reporting to the legislature and includes verification measures for income and occupancy to maintain accountability.

This bill establishes the Dream Starter Act to create a new assistance program for first-generation homebuyers in Louisiana who lack generational wealth or prior homeownership experience. The program will provide forgivable loans to help eligible applicants cover down payments, closing costs, mortgage insurance, and interest rate buy-downs when purchasing a principal residence. To qualify, applicants must meet first-time homebuyer criteria, complete approved homebuyer education and financial counseling, and commit to living in the home for a specified period. The Louisiana Housing Corporation will administer the program, manage a dedicated state fund, and submit annual reports on participation and outcomes to the legislature.