Louisiana Senate OKs Effort to Promote Affordable Housing and Property Rights
LOUISIANA REALTORS • April 9, 2018
Louisiana senators approved Monday night legislation that would assert state authority over local zoning efforts to create affordable housing. Currently, Louisiana allows municipalities and parishes to pass inclusionary zoning ordinances to promote the development of affordable housing. Inclusionary zoning requires housing developers to sell or rent a proportion of their units below market rate, regardless of the economics of a project or whether the developer receives just compensation.
Senate Bill 462 would instead allow municipalities and parishes to offer VOLUNTARY economic incentive policies to promote the development of affordable housing.The measure was approved on a vote of 26-11. SB462 would replace the term “inclusionary zoning” with “voluntary economic incentive policies,” which will allow parishes and municipalities to incentivize affordable housing opportunities by limiting regulatory burdens on the housing industry.
State Sen. Danny Martiny, the Metairie Republican who sponsored the measure, pointed out that a similar bill was approved last year by the state Senate, then was sidelined in the House on promises that the New Orleans City Council would address the issue.
Louisiana REALTORS has been working with homebuilders, developers, and other entities to follow this issue. Members were alerted with a Call for Action over the past couple of weeks and over 700+ responded by contacting their senators. The legislation now heads to the Louisiana House for consideration and we encourage members to stay engaged on this issue.
Portions of this post were taken from an article originally published in the Advocate
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by Mark Ballard on April 9, 2018
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NAR is pleased to share the latest consumer guide about contract contingencies and clauses that buyers and sellers may encounter in a real estate transaction. The guide defines common contingencies and clauses and helps consumers understand what happens if the terms aren’t fulfilled. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Real Estate Contract Contingencies Understanding Condo Ownership How to Protect Against Real Estate Wire Fraud 5 Home Selling Tips for Privacy and Safety Do You Need Private Mortgage Insurance? What Is the VA Home Loan Guaranty? Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for the next consumer guide, which focuses on working with a remodeling contractor.
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