First Time Home Buyer Rebate Voluntarily Deferred
LOUISIANA REALTORS • April 30, 2018
As of Monday, April 30, House Bill No. 383 was voluntarily deferred in the House Appropriations Committee at the request of Louisiana REALTORS® and the author. Due to state budgetary issues, we do not anticipate this legislation being able to complete the legislative process. Therefore, the bill will not advance any further this session.
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House Bill No. 383 would have likely passed if the measures had been adopted to balance the budget in the 2018 First Special Session. While many committee members were in favor of the bill, they were hesitant to vote in favor of a bill with a large fiscal note just after having cut other programs in the budget. "As an organization, we did not want to subject our friends to criticism for voting for a bill that we know will not advance during these uncertain budgetary times," said Norman Morris CEO.
Representative Paula Davis has agreed to file a resolution encouraging the Legislature to explore and support efforts to assist first-time home buyers in future sessions. "The 500-plus REALTORS® who converged on the Capitol last week deomonstrated the importance of assisting first-time home buyers and ensured the likelihood of successful legislation to assist these buyers in the future," said Kim Callaway - Director of Legal & Governmental Affairs. "We greatly appreciate your efforts, which will go a long way in advancing this legislation in the future," said Callaway.
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple announced today that the Louisiana Department of Insurance (LDI) continues its work to develop a regulation creating benchmark discounts for Fortified roofs in Louisiana. The LDI is working with the National Association of Insurance Commissioners (NAIC) to develop the benchmark discounts using Louisiana-specific data, hurricane modeling and actuarial considerations. “With over 11,000 Fortified roofs in Louisiana and two years-worth of insurer experience with rating for those roofs in our state, now is an appropriate time for the LDI to establish benchmark discounts for homeowners insurance companies operating in our market,” said Commissioner Temple. “These benchmarks are being thoughtfully developed to help consumers receive the discounts they deserve for fortifying their homes while making sure insurers know the benchmarks reflect how much Fortified roofs actually mitigate their exposure to risk across Louisiana.” Like in Alabama’s Fortified benchmark discount structure, the LDI regulation would require Louisiana insurance companies to either meet the minimum benchmark discount established by the LDI or provide actuarial justification for why the company’s discount does not meet the benchmark. Louisiana is the fastest growing state for Fortified roofs in America. To date, over 11,000 Fortified roofs have been installed in Louisiana, including over 4,100 through the Louisiana Fortify Homes Program.
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