reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 1 - HOME Investment Partnership Program › Section II-105 - Selection Criteria to Award HOME Funds for Affordable Rental Housing

Current through Register Vol. 50, No. 6, June 20, 2024
A. Applications for
						HOME funds will be rated in accordance with the selection criteria (Appendix
						IX) for which the applicant must initially indicate that the project
						qualifies.
APPENDIX IX
Selection Criteria to Award Home Funds to Affordable
							Rental Housing Projects
The Applicant hereby requests priority consideration based
							upon the Project satisfying one or more of the following conditions (minimum
							threshold of 115 points required):
POINTS
A. Project
						Provides Amenities (attach description of amenities to be provided) 20
						_____
B. Project Provides Community
						Facilities 20 _____
C. Ratio of
						Project's Intermediary Cost to Development Costs
(See Page 5 for formula to calculate ratio)
(i) Less than or equal to 10 percent 20
						____
(ii) More than 10 percent but
						less than or equal to 15 percent 15 ____
(iii) More than 15 percent but less than or
						equal to 20 percent 10 ____
(iv)
						More than 20 percent 0 ____
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 1 - HOME Investment Partnership Program › Section II-107 - Selection Criteria to Award HOME Funds to Local Governmental Units (Sub-Recipients)

Current through Register Vol. 50, No. 6, June 20, 2024
A. Jurisdiction Proposes Comprehensive and
						Concentrated Neighborhood Revitalization Area-25 points
B. Jurisdiction Proposes to Use Community
						Housing Development Organization ("CHDOs") to Own, Sponsor or Develop Units to
						be Rehabilitated-25 points
C.
						Leverage Ratio for Each HOME Dollar
Minimum Other Dollars
$1
5
$2
10
$3
15
$4
20
$5
25
D.
						Jurisdiction Proposes to Rehabilitate Substandard Housing Units to Minimum
						Quality Standards with Total Funds Per Unit Not Exceeding:
$ 2,500
25
$ 5,000
20
$ 7,500
15
$10,000
10
$15,000
7
$20,000
5
$25,000
2
E.
						Jurisdiction Rehabilitate to HQS Following Percentage of Substandard Units in
						Rehabilitation Area:
90-100 percent
50
80-90 percent
40
70-80 percent
30
60-70 percent
20
50-60 percent
10
Less than 50 percent
0
F.
						Jurisdiction Proposes to Rehabilitate Housing Units of Historic or
						Architectural Significance-25 points
G. Jurisdiction Proposes to Rehabilitate
						Housing Units Serving Special Needs Groups-50 points
H. Jurisdiction Proposes to Promote
						Cooperative Housing-25 points
I.
						Jurisdiction Proposes to Commit HOME Funds by June 30, 1993-50 points
J. Jurisdiction Proposes to Establish
						Lease-Purchase Turnkey Program-25 points
AUTHORITY NOTE:
							Promulgated in accordance with the Louisiana Housing Finance Act,
							R.S. 40:600.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-301 - General

Current through Register Vol. 50, No. 6, June 20, 2024
A. The CHDO
						Homeownership Housing Program is being established by the agency to encourage
						Community Housing Development Organizations (CHDO) to serve as developers or
						sponsors in the construction, reconstruction and/or the
						acquisition-rehabilitation of not more than 20 buildings consisting of not more
						than one single-family housing unit for purchase by households at or below 80
						percent of the area median income for the parish within which the housing units
						are located.
1. The single-family housing
						units are to develop in phases not exceeding five units per phase.
2. All units must be constructed or
						rehabilitated in accordance with the Minimum Property Standards (MPS) in
						24 CFR
						200.925 or
						200.926.
3. Newly constructed units must meet the
						current edition of the
Model Energy Code
published by the
						Council of American Building Officials.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-305 - Application Submission

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						Applicants wishing to receive a commitment of 1998 HOME funds must submit one
						original HOME project summary-CHDO Homeownership Housing Program application
						plus two copies, along with a nonrefundable application fee computed in
						accordance with the fee schedule below.
1.
Application Fee
$1,000
2.
Analysis Fee*
$1,000
3.
Cost Certification Audit Fee**
$2,500
*If a second analysis is necessary, only one-half of the
							analysis fee will be charged.
** Only if applicant does not contract with independent CPA
							to perform cost certification audit.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S.
							40:600.6.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-307 - Application Review, Evaluation and Selection

Current through Register Vol. 50, No. 6, June 20, 2024
A. Applications will be reviewed by agency
						staff only upon submission of the application (including all appendices),
						appropriate application fee, and accompanying submissions.
B. Applications will generally be evaluated
						to ensure that the application package is complete.
C. Incomplete applications will be returned
						to the applicant and will be processed by the agency only upon resubmission of
						a completed application package prior to the next application deadline and
						receipt of the reprocessing fee.
D.
						Applications must score at least 80 points to receive a commitment of HOME
						funds under the CHDO Homeownership Housing Program.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S.
							40:600.6.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-309 - Maximum Home Fund Allocations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						No project will be allocated home funds under the CHDO Homeownership Program in
						excess of $200,000.
B. No related
						persons, entities, principals thereof or agents thereof having an identity of
						interest shall be allocated HOME funds under the CHDO Homeownership Housing
						Program in excess of $200,000.
1. Developer
						fees, builder's profit and builder's overhead shall not exceed the amount
						permitted under HUD's administrative guidelines on subsidy layering without
						approval of the agency.
2. The
						maximum amount of HOME funds allowable per project is the lesser of $200,000 or
						85 percent of total development cost of units proposed in any phase of the
						project proposal.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-311 - Implementation Guidelines and Processing Restrictions and Procedures

Current through Register Vol. 50, No. 6, June 20, 2024
A. Implementation
						Guidelines. All projects must be feasible and viable. The project must satisfy
						the following implementation guidelines.
1.
						HOME funds will be allocated only to fill the gap between other sources of
						funds available to the project and the required uses of funds in the project.
						Conventional financing or equity must equal at least 15 percent of total
						development cost for each phase of a project.
2. Neither appraised value nor total
						development cost plus points and fees paid by or on behalf of the eligible
						borrower under the HOME/MRB Program may exceed the maximum permissible
						acquisition cost for single-family units for the area within which the unit is
						located.
3. Maximum HOME funds
						budgeted to develop a unit may not exceed 85 percent of the total development
						cost per unit during the construction period for any phase of
						development.
4. All projects must
						be scattered site or consist of townhouse units.
5. Developer fees shall not exceed 15 percent
						of the developer fee base. The combined builder profit and builder overhead
						shall not exceed 8 percent of the builder profit base.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-313 - Accompanying Submissions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						Applications must be accompanied by submissions listed below.
1. Affirmative Marketing Procedures.
						Applicants must indicate in Appendix XIII affirmative marketing requirements
						and procedures that will be adopted. Such procedures must be in accordance with
						HUD regulations.
2. Owner's
						Relocation Plan. Applicants who propose projects involving occupied buildings
						must include, as Appendix XIV, a relocation plan in the initial application and
						submit an occupied tenant list and must be in accordance with HUD
						regulations.
3. Appraisal
a. Applicant must include, as Appendix XV, a
						copy of any appraisal which was used to estimate the AS-IS and completed value
						of the project.
b. The appraised
						value of any unit within the project must be less than or equal to the maximum
						permissible acquisition cost.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-315 - Selection Criteria to Award Home Funds to CHDO Homeownership Housing Projects

Current through Register Vol. 50, No. 6, June 20, 2024
Points
A. Ratio of Project's Intermediary Cost to
											Development Costs (See Subsection K for formula to calculate ratio)
1. Less than or equal to 10%
2. More than 10% but less than or equal to 15%
3. More than 15% but less than or equal to 20%
4. More than 20%
20
15
10
0
B. Project Contains Handicapped Equipped Units
1. two or fewer units
2. three to five units
3. six or more units
5
10
15
C. Project Serves Large Families Percentage of Units
											Having Four or More Bedrooms
1. two or fewer units
2. three to five units
3. six or more units
5
10
15
D. Project Involves New Construction in Areas with
											95% or More Residential Rental Occupancy
25
E. All Units in Project Are Vacant or Abandoned or
											All Units Located in a MRB Targeted Area
25
F. Project to Reconstruct or Rehabilitate
											Substandard Housing Units to Minimum Property Standards or to Construct New
											Units with Total HOME Funds per Unit not Exceeding:
$ 5,000
$ 15,000
$ 25,000
$ 35,000
$ 45,000
50
40
30
20
10
G. Economic Development Benefits. Project Located in
											Geographic Area Certified by Department of Economic Development to Benefit from
											Location of New Facilities or Expansion of Existing Facilities Which Will
											Generate Additional Jobs and Housing Needs.
50
H. Developer Fees (Including Builder Profit and
											Builder Overhead When There Exists Identity of Interest between Builder and
											Developer) are 10% or less under Subsidy Layering Review Guidelines
25
I. Matching Certification Exceeds $50,000
50
J. Applicant Has Submitted List of Pre-Qualified
											Applicants
1. At least 5 pre-qualified applicants
2. At least 10 pre-qualified applicants
3. At least 15 pre-qualified applicants
4. At least 20 pre-qualified applicants
5. At least 25 pre-qualified applicants
5
10
15
20
25
Total
K. Formula to Calculate Ratio of Project's
											Intermediary Cost to Development Costs
Step 1: Add following amounts from Appendix II
Line II.B (Land Improvements)
Line II.C(ii) (Demolition)
Line II.C(iii) (Rehab or New Construction)
$
$
$
Total
$
Step 2: Add following amounts from Appendix II
Line II.D (Subtotal)
Line II.F (Subtotal)
Line II.G (Subtotal)
$
$
$
Total
$
Step 3: Divide Total of Step 2 by Total of Step 1
											and Specify Percentage
%
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S.
							40:600.6.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 3 - CHDO Homeownership Housing Program (Revolving Loan Pool) › Section II-317 - CHDO Homeownership Housing Program Home Project Summary Application and Exhibits

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						The CHDO Homeownership Housing Program Home Project Summary Application and the
						exhibits thereto (referred to in Chapter 3 of these rules) are available upon
						request through the Louisiana Housing Financing Agency.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S.
							40:600.6.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 7 - Turnkey Mortgage Origination Program › Section II-701 - Introduction

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Turnkey
						Mortgage Origination Program is designed to provide citizens of the state of
						Louisiana additional opportunities to obtain funds for down payment and closing
						costs toward the purchase of single family homes in the state.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S. 40:600.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 7 - Turnkey Mortgage Origination Program › Section II-703 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Notwithstanding
						the definitions set forth in LAC 16:I.301, the following terms, when used in
						this Chapter, are defined as follows.
Annual Family Income
-the gross annual
							income, from all sources and before taxes or withholding, of all members of a
							family living in a housing unit.
Borrower
-an individual or family applying to
							receive down payment assistance under the Turnkey Mortgage Origination
							Program.
Housing Unit
-living accommodations intended
							for occupancy by a single family, consisting of one to four units, and which
							will be owned by the occupant thereof.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S. 40:600.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 7 - Turnkey Mortgage Origination Program › Section II-705 - Eligible Borrowers

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						Borrowers will be determined to be eligible for assistance if they meet the
						following criteria.
1. The applicant is
						seeking assistance towards the purchase of a housing unit in the state, whether
						purchasing as a first time homebuyer or a non-first time homebuyer.
2. The applicant will occupy the property as
						his primary residence. Applicants seeking to purchase properties for use as
						recreational homes, second homes, vacation homes, and/or investment properties
						are not eligible to receive assistance.
3. The applicant's annual household income
						must not exceed established income limits as defined by the provisions set
						forth in the LAC 16:I.303.B, which limit is currently a maximum of $99,000 per
						year.
4. The applicant meets the
						minimum credit score determined by the lender as based upon the product
						selected for assistance, but in no instance shall be lower than 620.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 7 - Turnkey Mortgage Origination Program › Section II-707 - Processing and Qualifications of Borrowers Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. An application for a mortgage loan shall
						be processed by a lending institution on behalf of the agency on the basis of
						the agency's evaluation criteria. The lending institution shall undertake its
						own due diligence and other matters as may be determined to be appropriate to
						insure that the proposed loan is consistent in all respects with the agency's
						evaluation factors.
B. When
						processing mortgage loan applications lenders must adhere to the published
						acquisition cost limits and or maximum loan sizes as defined by the Federal
						Housing Administration, Veterans Administration, Rural Development.
C. Upon completion of the processing and
						approval of the application, the lending institution shall initiate a loan
						closing.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S. 40:600.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 7 - Turnkey Mortgage Origination Program › Section II-709 - Interest Rates

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						The interest rates charged by the lending institution for a borrowers mortgage
						loan shall be monitored and adjusted as needed based on the current market
						rates.
AUTHORITY NOTE:
							Promulgated in accordance with
							R.S. 40:600.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 7 - Turnkey Mortgage Origination Program › Section II-711 - Types of Assistance and Proscribed Use

Current through Register Vol. 50, No. 6, June 20, 2024
A. Down payment assistance will be available
						at loan closing by the mortgage lender.
1.
						The maximum down payment assistance is 5 percent.
2. Borrowers will pay a 1 percent origination
						fee and 1 percent discount point.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 8 - Mortgage Credit Certificate Program › Section II-801 - Introduction

Current through Register Vol. 50, No. 6, June 20, 2024
A. The LHC MCC Program is designed to assist
				citizens of the state of Louisiana that:
1.
				are first time homebuyers or persons who have not owned a principal residence
				in the past three years;
2. are
				purchasing a residence in certain areas of the state, called "targeted
				areas;"
3. are using a 30-year
				fixed rate and term mortgage which does not involve mortgage revenue bonds;
				and
4. are purchasing a property to
				be used as their primary residence.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 8 - Mortgage Credit Certificate Program › Section II-803 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Notwithstanding the definitions set forth
				in the LAC 16:I.301, the following terms, when used in this Chapter, are
				defined as follows.
Annual Family Income
-annual income
				  from all sources before taxes or withholding of all members of the family
				  living in the housing unit. Family annual income may not exceed 115 percent or
				  less of the applicable median family income except in the case of a targeted
				  area residence, in which instance the family annual income may not exceed 140
				  percent or less of the applicable family income.
Borrower(s)
-an individual or family
				  applying to receive mortgage funding under the LHC MCC Program.
Eligible Property
-single family residence,
				  planned unit development, condominium, or manufactured housing on a permanent
				  foundation which is owned or being purchased and qualifying as real
				  estate.
Housing Unit
-living accommodations intended
				  for occupancy by a single family, consisting of one unit, and which will be
				  owned by the occupant thereof; or, one unit principal residences that are
				  detached structures, condominiums, town homes or planned unit development
				  subject to Fannie Mae/Freddie Mac guidelines.
Program Type
-FHA, VA, Rural Development,
				  Fannie Mae or Freddie Mac Programs. Fixed rate and 30-year term
				  required.
Purchase Price Requirements
-the acquisition
				  cost of the principle residence may not exceed 90 percent of the average area
				  purchase price except in the case of a targeted area residence wherein the
				  acquisition cost may not exceed 110 percent of the average area purchase
				  price.
Targeted Area
-that part of the eligible loan
				  area that has been designated as a qualified census tract or an area of chronic
				  economic distress in accordance with section 143(j)(3) of the
Internal
				  Revenue Code
or as a qualified census tract in accordance with section
				  143(i)(2) of the
Internal Revenue Code
.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40.600.86 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 8 - Mortgage Credit Certificate Program › Section II-805 - Eligible Borrowers

Current through Register Vol. 50, No. 6, June 20, 2024
A. Borrowers
				will be determined to be eligible to participate in the LHC MCC Program if they
				meet the following criteria.
1. The borrower
				is a first time home buyer or has not owned a principal residence in the past
				three years, or is purchasing in a targeted area.
2. Household annual income does not exceed
				established income limits.
3.
				Borrower will occupy the property as his or her primary residence.
4. Borrower is using a fixed rate, 30-year
				mortgage that is not financed through the use of a mortgage revenue
				bond.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 8 - Mortgage Credit Certificate Program › Section II-807 - Processing Qualifications of Borrowers Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. An application for a LHC MCC shall be
				processed by the Louisiana Housing Corporation. Borrowers may apply through any
				LHC approved lender. The lending institution shall undertake its own due
				diligence and other matters as may be determined to be appropriate to insure
				that the proposed loan and mortgage credit certificate is consistent in all
				aspects of the Louisiana Housing Corporations evaluation factors. The Louisiana
				Housing Corporation will also underwrite the application.
B. Borrowers who obtain an LHC MCC can still
				claim 60 percent of their total year mortgage interest as a tax deduction. LHC
				MCC will allow homebuyers to convert 40 percent of their mortgage interest
				deduction to a life of loan tax credit, not to exceed $2,000 per year. The tax
				credit is available each year for the life of the original loan.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40:600.1 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 8 - Mortgage Credit Certificate Program › Section II-811 - Types of Assistance and Proscribed Use

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Borrowers will pay a 1 percent origination fee to the LHC for the issuance of
				an LHC MCC and a $75 compliance fee.
B. Lenders will be allowed to charge up to
				$500 per MCC application.
C.
				Maximum loan amount is based upon applicable program guidelines (i.e.
				conventional, FHA, VA or rural development).
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40:600.86 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 9 - Workforce Housing Initiative › Section II-901 - Introduction

Current through Register Vol. 50, No. 6, June 20, 2024
A.
1. The
				Workforce Housing Initiative Program is designed to provide citizens of the
				state of Louisiana that have:
a. a
				demonstrated good credit history with a minimum credit score of at least
				660;
b. accumulation of borrowers
				own funds for a substantial down payment. There is a minimum down payment
				requirement of 20 percent of the purchase price. Borrower must also have
				minimum of 2 months principal, interest, taxes and insurance in reserve after
				paying down payment, pre-paids and closing costs. No gift funds
				allowed;
c. consistent employment
				history of at least 2 years in current profession; and
d. stated income at a level that is typical
				of the borrowers profession;
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 9 - Workforce Housing Initiative › Section II-903 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Notwithstanding the definitions set forth
				in the LAC 16:I.301, the following terms, when used in this Chapter, are
				defined as follows.
Annual Family Income
-stated annual
				  income as reported by the borrower, not to exceed those incomes typical of the
				  borrowers profession. Borrower(s) annual income as reported in the last two
				  years complete tax returns may not exceed $99,000. Income will be from all
				  sources and before taxes or with-holding, of all members of a family living in
				  a housing unit.
Borrower
-an individual or family applying to
				  receive mortgage funding under the Workforce Housing Initiative Program.
Housing Unit
-living accommodations intended
				  for occupancy by a single family, consisting of one to two units, and which
				  will be owned by the occupant thereof; one-two unit principal residences that
				  are detached structures, condominiums, town homes/planned unit development or
				  duplexes subject to Fannie Mae/Freddie Mac guidelines
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40.600.86 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 9 - Workforce Housing Initiative › Section II-905 - Eligible Borrowers

Current through Register Vol. 50, No. 6, June 20, 2024
A. Borrowers
				will be determined to be eligible to participate under the Workforce Housing
				Initiative Program if they meet the following criteria.
1. The borrower is seeking a first mortgage
				loan for the purchase of a housing unit in the state, whether purchasing as a
				first time homebuyer or a non-first time homebuyer.
2. The borrower will occupy the property as
				the primary residence. Borrower seeking to purchase properties for use as
				recreational homes, second homes, vacation homes, and/or investment properties
				are ineligible to participate in the program.
3. The borrowers annual household income must
				not exceed established income limits as defined by the provisions set forth in
				the LAC 16:I.303.B, which limit is currently a maximum of $99,000 per
				year.
4. The borrower meets the
				minimum credit score determined by the program guidelines but in no instance
				shall be lower than 660.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 9 - Workforce Housing Initiative › Section II-907 - Processing Qualifications of Borrowers Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. An application for a mortgage loan shall
				be processed by a Louisiana Housing Corporation designated preferred lending
				institution on behalf of the Louisiana Housing Corporation and on the basis of
				the Louisiana Housing Corporations evaluation criteria. The lending institution
				shall undertake its own due diligence and other matters as may be determined to
				be appropriate to insure that the proposed loan is consistent in all respects
				with the Louisiana Housing Corporations evaluation factors. The Louisiana
				Housing Corporation will also underwrite the application.
B. When processing mortgage loan applications
				lenders must adhere to the published acquisition cost limits and or maximum
				loan sizes as defined by Fannie Mae and Freddie Mac.
C. Upon completion of the processing and
				approval of the application but not prior to the Louisiana Housing Corporations
				approval, the lending institution shall initiate a loan closing.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40:600.1 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 9 - Workforce Housing Initiative › Section II-909 - Interest Rates

Current through Register Vol. 50, No. 6, June 20, 2024
A. The interest
				rates charged by the lending institution for a borrowers mortgage loan shall be
				monitored and adjusted as needed based on the current market rates. The
				corporation will post to its website at
www.lhc.la.gov
daily rates for the Workforce
				Housing Initiative Program as long as funds are available for
				participation.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40:600.86 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part II - Housing Programs › Chapter 9 - Workforce Housing Initiative › Section II-911 - Types of Assistance and Proscribed Use

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Down payment and closing costs assistance is not available for the Workforce
				Housing Initiative Program.
B.
				Borrowers will pay a 1.5 percent origination fee and 1 percent discount
				point.
C. Borrower will pay
				reasonable and customary fees and closing costs.
D. Sellers concessions up to 3 percent of the
				sales price is permitted.
E.
				Maximum loan amount is $300,000 based upon current appraisal.
AUTHORITY NOTE:
				  Promulgated in accordance with R.S. 40:600.86 et
				  seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-301 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For purposes of
						this rule the following definitions shall apply.
Advertisement
-includes statements and
							representations contained on any label, tag, or sign attached to, printed on,
							or accompanying merchandise offered for sale or printed in a catalog or any
							other sales literature.
Clearly and Conspicuously
-the statement
							representations, or terms being disclosed is reasonably understandable, is in
							such size, color contrast, or audibility, and is so placed and presented as to
							be readily noticeable, and is in close proximity to the information it
							modifies.
Comparable Merchandise
-merchandise that is
							substantially similar in composition, style, design, model, kind, variety,
							service, or performance characteristics to the merchandise to which it is
							compared in any advertisement.
Comparative Price
-the price or other
							description of the value of merchandise to which a seller compares its current
							price in any advertisement.
List Price
-a price given to a retailer by a
							manufacturer or other supplier as a suggested retail price for the merchandise
							and includes the term
manufacturer's suggested retail
							price
.
Price Comparison
-an expressed or implied
							comparison in any advertisement (whether or not expressed wholly or in part in
							dollars, cents, fractions, or percentages) of a seller's current price for
							merchandise with any other price or statement of value, whether or not the
							price is actually stated in the advertisement.
Seller
-any person who offers any merchandise
							for sale at any location and who disseminates advertisements for that product
							in Louisiana . Seller may include any officer, agent, employee, sales person,
							or representative of seller, and any advertising agency employed by a
							seller.
Trade Area
-the geographic area where the
							seller's outlets are located or where the seller's advertisements are
							disseminated.
B. This
						Section defines words used frequently in these rules. Remember, when we talk
						about ads, we don't just mean radio, TV, and newspaper ads. We mean fliers,
						catalogs, brochures, in-store displays, price tags, and any other labels or
						signs that contain information about your products and prices.
AUTHORITY NOTE:
							Promulgated in accordance with R.S. 51.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-303 - Identifying Basis of Price Comparison

Current through Register Vol. 50, No. 6, June 20, 2024
A. It is a deceptive act or practice for a
						seller to make a price comparison or claim a savings as to any merchandise
						offered for sale unless the seller clearly and conspicuously discloses the
						basis for or source of the price comparison or savings claim. However, a seller
						may make a price comparison or claim a savings without the required disclosure
						if the price comparison or savings claim is based on the seller's own former
						price as subscribed in §305 Terms such as
regular, regularly,
						formerly, originally, was,
or words of similar meaning may be used by
						the seller to identify the seller's own former price.
B. Unless your savings claims or price
						comparisons are based on your own former prices, you must explain the basis of
						any savings claim or price comparison you make in your ads. For example, both
						of these ads comply with this rule.
Sale
Save $10
Acme's Price:
$29.99
Our Price:
$19.99
1. This ad
						explains that the $10.00 savings claim is based on a comparison to Acme's
						price.
Sale
All Merchandise reduced 33%!
2.
						This ad doesn't need any explanation because it is clear that the 33 percent
						reduction is from the seller's own former price.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-305 - Comparison to Seller's Own Former Price

Current through Register Vol. 50, No. 6, June 20, 2024
A. It is a deceptive act or practice for a
						seller to compare the seller's current price with the seller's former price for
						any merchandise unless:
1. the former price
						is a price at which a substantial number of sales were made by the seller
						during the three months immediately preceding the price comparison;
2. the former price is a price at which a
						substantial number of sales were made by the seller and the seller clearly and
						conspicuously discloses the dates during which substantial number of sales were
						made by the seller at the former price;
3. the former price is a price at which the
						seller offered the merchandise for reasonably substantial period of time in the
						recent, regular course of its business, openly, actively, and in good faith,
						with an intent to sell the merchandise at that price.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-307 - Comparison to Seller's Future Prices

Current through Register Vol. 50, No. 6, June 20, 2024
A. It is a deceptive act or practice for a
						seller to make an introductory offer or to compare its current price for
						merchandise with the price at which the merchandise will be offered in the
						future, unless:
1. the future price takes
						effect within a reasonable time after the introductory offer or price
						comparison is published; and
2. the
						future price of the merchandise is, subsequent to the end of the introductory
						sale, properly established as the seller's regular and customary
						price.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-309 - Range of Savings or Price Comparison Claims

Current through Register Vol. 50, No. 6, June 20, 2024
A. It is a deceptive act or practice for a
						seller to state or imply that any merchandise is being offered for sale at a
						range of prices, or at a range of percentage or fractional discounts, unless
						the highest price or the lowest discount in the range is clearly and
						conspicuously disclosed in the advertisement and a reasonable number of the
						items in the advertisement are offered with the largest advertised discount or
						the lowest advertised price. If at least 5 percent of the items in the
						advertisement are offered with the largest advertised discount or the lowest
						advertised price, a rebuttable presumption exists that a reasonable number were
						offered with at least the largest advertised discount or the lowest advertised
						price.
B. Any time you advertise a
						range of savings, as in "all bedroom furniture 10% to 25% off!", you must show
						both ends of the range in your ad. You can't just show the largest savings
						available. In addition, you may not exaggerate the savings by offering the
						biggest discount on only a tiny fraction of sale items. The largest discounts
						must apply to a reasonable number of the sale items.
1. The rule assumes that a reasonable number
						of times is at least 5 percent of the items on sale. In other words, if you
						offer at least 5 percent of the sale items at the largest discount in the
						range, you don't have to worry about proving that the discount applies to a
						reasonable number. If we disagree and think that more than 5 percent is
						necessary to be a reasonable number, it would be up to us to prove it. On the
						other hand, you are still free to show that some number less than 5 percent of
						the sale items is a reasonable number.
Example:
(Correct)
(Incorrect)
Sale
Sale
"Save from 10% to 50% off"
"Save up to 50% off"
"Save $9 to $29"
"Savings as much as $100"
2.
						The two examples labeled as incorrect fail to show the low end of the range of
						savings or discounts offered in the sale. The correct examples are correct as
						long as you are offering at least 5 percent of the sale merchandise at 50
						percent off, in the first example, and at a $29 savings in the second
						example.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-311 - Use of List Price or Similar Comparisons

Current through Register Vol. 50, No. 6, June 20, 2024
A. It is a deceptive act or practice for a
						seller to make a price comparison or to claim a savings, expressed or implied,
						from a list price or term of similar meaning, unless:
1. the list price does not exceed the highest
						price at which substantial sales of the merchandise have been made in the
						seller's trade area;
2. the list
						price is the price at which the seller offered the merchandise for a reasonably
						substantial period of time in the recent, regular course of its business,
						openly, actively, and in good faith, with an intent to sell the merchandise at
						that price;
3. the list price does
						not exceed the highest price at which the product is offered by reasonable
						number of sellers in the seller's trade area for a reasonably substantial
						period of time in the recent, regular course of business; or
4. the list does not exceed the seller's cost
						plus the percentage markup regularly used by the seller in the actual sale of
						such merchandise or merchandise of a similar class or kind, in the seller's
						recent, regular course of business.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-313 - Comparison to Competitor's Price

Current through Register Vol. 50, No. 6, June 20, 2024
A. It is a deceptive act or practice for a
						seller to compare the seller's price with a price currently being offered by
						another seller for merchandise unless the merchandise is comparable merchandise
						and the comparative price is at or below the price at which the comparable
						merchandise is currently being offered in the seller's trade area by a
						reasonable number of other sellers in the same trade area, or another
						identifiable seller.
B.
1. If you compare your prices with those of
						the competition, you must either:
a. identify
						the specific competitor in your ad; or
b. be able to show that a reasonable number
						of area competitors are offering the product at the advertised comparison
						price.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-315 - Bargain Offers Based on the Purchase of Other Merchandise and Use of the Word "Free"

Current through Register Vol. 50, No. 6, June 20, 2024
A. It
						is a deceptive act or practice to use the word free, or words of similar
						meaning, or to represent bargain offers, including "Buy One-Get One Free",
						merchandise to be given to a customer who purchases other merchandise, if the
						seller recovers, in whole or in part, the cost of the free or bargain
						merchandise by marking up the price of the item which must be purchased, by
						substituting an inferior item or service, or otherwise. It is a deceptive act
						or practice to represent that other merchandise is being offered free or at a
						bargain price with the sale if the advertised merchandise can be purchased from
						the advertiser at a lesser price without the free or bargain merchandise,
						particularly if the merchandise is usually sold at a price arrived at through
						bargaining.
B. So-called free
						merchandise offers are another problem area which these rules address. If you
						advertise an item as free, it must be available to the consumer at no extra
						cost, whether that cost is in dollars or in a reduction in quality or service.
1. Moreover, the word "free" loses its
						meaning in cases where the selling price of the product is usually negotiated.
						This is because there is no way of knowing whether the seller would have
						negotiated a different price if the "free" item wasn't included.
2. The language of this rule is drawn from
						the Federal Trade Commission's "Guide concerning the use of the word 'free' and
						similar representations."
Example:
Buy One Suit-Get One Free $399
3.
						Whether this ad is deceptive depends on the several underlying facts. The ad is
						deceptive if:
a. the regular selling price of
						a single suit is less than $399; or
b. the store regularly offers a free shirt
						and tie or free alterations with each suit purchased and the buy one-get one
						free offer doesn't include the extra merchandise or service; or
c. the consumer can buy the suit for $299 if
						he or she gives up the "free" suit; or
d. these suits regularly sell for as low as
						$299 or for as much as $499, depending on the bargaining ability of the
						customer.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-317 - Use of Sale Terminology

Current through Register Vol. 50, No. 6, June 20, 2024
A. It
						is a deceptive act or practice for a seller to use terms such as "sale", "sale
						prices", "now only $ ____", or other words and phrases that imply a price
						savings unless the price of the merchandise is reduced by a reasonable amount
						from the former price of the merchandise. If the seller reduces the price by 5
						percent or more from the former price, a rebuttable presumption exists that the
						price reduction was of a reasonable amount. However, the term "sale" may be
						used in an advertisement where not all items are offered at a reduction from
						regular price if the items are clearly and conspicuously identified.
B. You may not advertise a "sale" or use
						words that mean the same thing unless you have made reasonable reductions from
						the regular selling price of your sale merchandise. What is a reasonable
						reduction will depend on the profit margins typical in your industry.
1. The rule provides that a reduction of 5
						percent is to be considered reasonable unless we can prove otherwise. If you
						advertise a sale based on price reductions of less than 5 percent, you will
						need to show why a smaller reduction is reasonable in your case.
2. Of course, these reductions must be based
						on authentic regular prices and not phony ones. You may also have a sale that
						doesn't include all of the goods in your store, but only if you make that
						limitation clear in your ad.
Example:
TV and VCR SALE !
10% Off All TV's! Special Group of VCR's 20% Off!
Other merchandise at regular prices
3.
						This ad complies with the rule as long as:
a.
						all television sets are available at 10 percent off;
b. a reasonable number of VCR's are available
						at 20 percent off; and
c. both
						discounts are based on the actual regular selling prices.
Note that the ad makes it clear that only the TVs and VCRs
							are on sale.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-319 - Use of Term Wholesale

Current through Register Vol. 50, No. 6, June 20, 2024
A. It
						is a deceptive act or practice for a seller to use the term
wholesale
or words of similar meaning in connection with any
						merchandise offered for sale at retail.
B. Wholesale means "to sell in quantity for
						resale." Thus, "wholesale prices" are the prices at which goods are sold in
						quantity for resale. You may only use the word wholesale to refer to sales in
						quantity for resale. Any other use is deceptive.
AUTHORITY NOTE:
							Promulgated in accordance with R.S. 51.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-321 - Reporting

Current through Register Vol. 50, No. 6, June 20, 2024
A. Within 21 days
						after receipt of a written request from the attorney general, persons making
						price comparisons shall submit a report in writing setting forth substantiating
						information upon which the price comparison was based. The attorney general,
						for cause shown, may grant additional time to respond upon request.
B. Any advertiser may be called upon to
						substantiate the claims made in its advertising. If you choose to use
						comparison price advertising, you should be prepared to provide us with the
						information upon which the comparisons are based within 21 days after we
						request it. If you ask for a longer period and have a good reason, we will give
						you more time.
AUTHORITY NOTE:
							Promulgated in accordance with R.S. 51.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-323 - Penalties

Current through Register Vol. 50, No. 6, June 20, 2024
A. Whoever fails to
						comply with any Section of this rule violates Louisiana Revised Statute
						51:1405(A), which prohibits inter alia, unfair and deceptive acts and practices
						in trade and commerce.
AUTHORITY NOTE:
							Promulgated in accordance with R.S. 51.1 et
							seq.
Louisiana Administrative Code › Title 16 - COMMUNITY AFFAIRS › Part III - Consumer Protection › Chapter 3 - Deceptive Pricing › Section III-325 - Former Regulations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
						All rules and regulations or parts thereof in conflict herewith are hereby
						repealed.
AUTHORITY NOTE:
							Promulgated in accordance with R.S. 51.1 et
							seq.