HB 383 Advances out of House Ways and Means Committee
LOUISIANA REALTORS • March 20, 2018
(Baton Rouge) -- House Bill 383
by Representative Paula Davis was reported out of the House Ways and Means Committee by a 9 to 4 vote. Today's success can be attributed to the support of a great bill author, a great lobbying team, and the effort by REALTOR® members responding to the Call for Action and contacting their legislators for support of this bill. The committee members certainly took notice of the outreach efforts. Many legislators have been supportive of the concept, but the shortfall with the state's budget continues to present a major challenge. The next steps for the bill will be to go before the House Appropriations Committee where it will continue to be debated. We encourage REALTORS® to stay engaged and active with the efforts and continue to support this legislation for first time home buyers.
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 .
Program Partners
Learn about common risks as a real estate agent and tips to stay safe during home showings.
