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.