HLS 21RS-1074 ORIGINAL
2021 Regular Session
HOUSE BILL NO. 673
BY REPRESENTATIVE GARY CARTER
FUNDS/FUNDING: Dedicates funds from the American Rescue Plan Act of 2021 to the
Home Ownership and Personal Equity Fund
1 AN ACT
2To enact Subpart P of Part II-A of Chapter 1 of Subtitle I of Title 39 of the Louisiana
3 Revised Statutes of 1950, to be comprised of R.S. 39:100.71, relative to the
4 dedication of funds from the American Rescue Plan Act of 2021; to create the Home
5 Ownership and Personal Equity Fund; to provide for the deposit of federal monies
6 into the fund; to provide for uses of the fund; to provide for effectiveness; and to
7 provide for related matters.
8Be it enacted by the Legislature of Louisiana:
9 Section 1. Subpart P of Part II-A of Chapter 1 of Subtitle I of Title 39 of the
10Louisiana Revised Statutes of 1950, comprised of R.S. 39:100.71, is hereby enacted to read
11as follows:
12 SUBPART P. HOME OWNERSHIP AND PERSONAL EQUITY FUND
13 ยง100.71. Home Ownership and Personal Equity Fund
14 A. There is hereby created in the state treasury, as a special fund, the Home
15 Ownership and Personal Equity Fund, referred to in this Section as the "HOPE
16 Fund".
17 B. The state treasurer is hereby authorized and directed to deposit in and
18 credit to the fund fifty million dollars of the federal monies allocated to Louisiana
19 pursuant to the Coronavirus State Fiscal Recovery Fund of the American Rescue
20 Plan Act of 2021.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 21RS-1074 ORIGINAL
HB NO. 673
1 C. Monies in the HOPE Fund shall be invested in the same manner as
2 monies in the state general fund. Interest earned on the investment of monies in the
3 HOPE Fund shall be deposited in and credited to the HOPE Fund.
4 D. Monies in the HOPE Fund shall be used to provide grants for financial
5 and educational assistance for homebuyers in Louisiana who are currently receiving
6 affordable housing or other rental assistance. The grants shall be administered by
7 the office of community development.
8 Section 2. This Act shall become effective upon signature by the governor or, if not
9signed by the governor, upon expiration of the time for bills to become law without signature
10by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
11vetoed by the governor and subsequently approved by the legislature, this Act shall become
12effective on the day following such approval.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 673 Original 2021 Regular Session Gary Carter
Abstract: Creates the Home Ownership and Personal Equity Fund to use American Rescue
Plan Act funds to provide grants for financial and educational assistance for certain
Louisiana homebuyers.
Proposed law creates the Home Ownership and Personal Equity Fund (fund) and directs the
treasurer to deposit $50 million of federal monies allocated to La. pursuant to Coronavirus
State Fiscal Recovery Fund of the American Rescue Plan Act of 2021 into the fund.
Proposed law provides that monies in the fund shall be used to provide grants for financial
and educational assistance for homebuyers in La. who are currently receiving affordable
housing or other rental assistance.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Adds R.S. 39:100.71)
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.