Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Down Payment Assistance topic
No spam. Unsubscribe anytime.
Capital Area Finance Authority asks Terrebonne Parish to renew agreement so it can resume down-payment assistance
Summary
Bridgette Homer, director of the Homeowners Program at the Capital Area Finance Authority, told the Terrebonne Parish Consolidated Government Council on May 14 that CAFA seeks the parish's permission to renew a Cooperative Endeavor Agreement (CEA) so it can issue a bond and resume its First Home down-payment assistance program in Terrebonne Parish.
Bridgette Homer, director of the Homeowners Program at the Capital Area Finance Authority, told the Terrebonne Parish Consolidated Government Council on May 14 that CAFA seeks the parish's permission to renew a Cooperative Endeavor Agreement (CEA) so it can issue a bond and resume its First Home down-payment assistance program in Terrebonne Parish. CAFA issued a $40 million bond in 2023 and "have since depleted that money," Homer said; the program offers approximately 5% of the final loan amount to qualifying first-time buyers and veterans.
The request matters because the program provides direct down-payment and closing-cost assistance to households that otherwise may not qualify for home purchase loans. Homer described lender safeguards and borrower counseling: participating lenders are vetted; applicants typically must meet a minimum 620 credit score; and income limits are applied based on HUD guidelines. "There's no risk at all to the parish. We're just asking for permission," Homer said.
Council members asked procedural questions and directed staff follow-up. Councilmember Mark Amadee asked whether the CEA had been handled through the parish's public trust in prior renewals. Councilmember Babin and others recommended that legal and the public trust authority coordinate the paperwork. Derek, identified in the meeting as a member of parish legal staff, told Homer, "as far as legal's concerned, we can get that moving pretty quickly." Homer said CAFA plans to present additional material to the parish and hopes to complete permitting steps before issuing a new bond in July.
No formal vote or ordinance was taken on May 14. Council members suggested preparing a resolution supporting the public trust authority's execution of the CEA and returning the item for approval; staff and legal agreed to work with CAFA on the language and timing. Homer said the program includes counseling and eligibility checks to limit risk and that CAFA will supply documentation for parish review.
Council contact and next steps: legal staff will coordinate with CAFA and the parish public trust to draft the CEA paperwork and a resolution for future council consideration. A final vote on renewal was not held at the May 14 meeting.
