Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Programs topic
No spam. Unsubscribe anytime.
Council approves CAFA First Home down‑payment assistance program for Terrebonne Parish; action contingent on legal review
Summary
The council voted 8-0 to allow the CAFA First Home tax‑exempt bond down‑payment assistance program to operate in Terrebonne Parish, authorizing the president to sign a certificate after final legal review. The program offers 5% assistance for eligible buyers and the CAFA program is distributing $25 million tranches.
The Terrebonne Parish Council voted unanimously on June 25 to approve a certificate allowing CAFA First Home — a down‑payment assistance program financed through tax‑exempt bonds — to operate in the parish, with the council clerk to verify final legal review before the parish president signs formal documents.
The program: Kristen Delahoussay, representing the CAFA First Home program, told the council the program provides down‑payment and closing‑cost assistance equal to 5 percent of the final loan amount for participating first‑time homebuyers; veterans and buyers in targeted census tracts may be eligible even if not first‑time buyers. Delahoussay described a previously issued $40 million bond in 2023 and a recent tranche approval and said CAFA expects to allocate funds in $25 million parcels, returning to the bond commission as needed.
Why it matters: The program is intended to help qualified buyers who lack funds for down payments or closing costs, using bond financing CAFA says is more attractive while mortgage interest rates remain elevated.
Council action: The council’s motion — made on the floor and amended to require review by the parish attorney — passed 8‑0. Parish staff recommended approving the certificate contingent on legal review before the parish president executes the paperwork. Neil Montgomery, a parish staff member who worked on the agreement, told the council he “would recommend the council approve the resolution contingent on legal approval.”
Application and timeline: Delahoussay said participating lenders will originate loans; applicants should approach participating lenders identified on CAFA’s website. She also told the council that CAFA had a hard date for closing one tranche, noting that the bond pricing and closing timeline means parishes that do not sign the certificate by mid‑July risk not being included in that particular tranche.
Ending: Council members asked staff to confirm whether participation requires any ongoing parish obligations; staff and the CAFA representative said the parish’s role is limited to signing the certificate and the cooperative endeavor agreement, and that final execution should follow a legal review.
