HOUSING: Creates the Louisiana First-Generation Homebuyer Assistance Act

HB 794 establishes the Louisiana First-Generation Homebuyer Assistance Program to help first-time homebuyers who haven’t owned a home before (or whose parents didn’t own one during their childhood) and who meet income limits (up to 120% of area median income, with 50% of funds reserved for those at 80% AMI or below). It provides up to $25,000 in down payment and closing cost assistance as a zero-interest, forgivable loan, fully forgiven if the buyer lives in the home for five years - otherwise, repayment is prorated based on occupancy time. The program prioritizes homes in census tracts with low homeownership rates and requires participating lenders to offer fair lending practices, report demographic data, and provide homebuyer education. Administered by the Louisiana Housing Corporation, it’s funded through state capital outlay, repayments, federal grants, and private contributions.