LA HB794

Establishes a down payment and closing cost assistance program for first-generation homebuyers, providing up to $25,000 as a zero-interest, forgivable loan administered by the Louisiana Housing Corporation

Defines eligible applicants as those who have not owned a home in three years and whose parents did not own a home during the applicant's childhood, or individuals who grew up in foster care or without permanent housing

Requires applicants to have household income at or below 120% of area median income, complete an 8-hour HUD-approved homebuyer education course, and occupy the home as a primary residence for at least five years for full loan forgiveness

Funds the program through $15 million initial appropriation from the Louisiana Capital Outlay Fund, plus federal HOME and CDBG funds, loan repayments, and private contributions

Mandates participating lenders complete annual fair lending training, report quarterly demographic data on applications, and prioritizes assistance for buyers in census tracts with homeownership rates at least 20 percentage points below the state average