A new program is offering assistance to first-time homebuyers in parishes impacted by 2016 floods — and Bossier Parish is one of them.
The Louisiana Housing Corporation announced the program today. It is designed to cover the affordability gap between the maximum amount that a homebuyer can afford and the purchase price of a home.
Qualified first-time homebuyers in Bossier Parish can get up to $60,000 toward purchasing a home, along with up to $5,000 in closing costs assistance. And even better: All or a portion of the loan is forgivable if certain conditions are met.
The $6 million program is a collaboration between LHC and the state’s Office of Community Development.
“The goal is to increase homeownership in the parishes affected by the great floods of 2016,” says Brenda Evans, LHC’s director of housing development.
To qualify, first-time homebuyers must have incomes at or below 80% of the area median income. The loans are interest-free and are forgiven when the homeowners remain in the house for at least 10 years.
Homebuyers must meet minimum credit requirements and complete a homeownership education class, either through a HUD-approved counseling agency or through an online course. Participants must also provide a down payment of at least 1% of the purchase price of the home.
Qualified borrowers may receive an even greater savings by taking advantage of LHC’s Mortgage Credit Certificate program. MCC provides an annual tax credit equal to 40% of the mortgage interest paid within a calendar year.
In addition to Bossier Parish, eligible parishes include: Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, DeSoto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana and Winn.
For more information about LHC’s assistance program, email firstname.lastname@example.org.