Council approves CAFA bond authorization to expand down‑payment aid for first‑time buyers

The Livingston Parish Council on June 25 approved a certificate authorizing the Capital Area Finance Authority to issue tax‑exempt revenue bonds to finance down‑payment assistance for first‑time homebuyers and veterans in Livingston Parish. The vote was unanimous with seven members present and two absent.

Kristen Delahusi, who introduced herself as a representative of the Capital Area Finance Authority and gave her Baton Rouge address, told the council the authority has previously issued bond tranches for the program and that “we had 117 people that were able to achieve that dream by this by using this program.” She said the assistance can be used with VA and USDA financing, can cover closing costs when other programs do not, and is structured as a soft second lien that is forgiven over time if the borrower remains in the home.

Council members pressed for detail. Delahusi said the authority is seeking parish permission to issue up to $200 million in volume cap authorizations over time but will sell bonds in smaller tranches (the first tranche recently received $50 million approval from the bond commission). She said the assistance is generally 4% of the final loan amount and described a payoff mechanism: the borrower repays as part of the mortgage; if the borrower remains in the home five years the soft second is forgiven.

Councilman Wasam moved to approve the certificate and to authorize the parish president to sign the related paperwork; Councilman Coats seconded the motion. Chair Billy Taylor called the vote and the motion passed unanimously.

Why it matters: The authorization lets CAFA continue a program that staff said carries no parish financial risk while potentially lowering initial costs for qualifying buyers. Council members asked for clearer outreach to local realtors and continued monitoring of volume and interest‑rate pricing.

What’s next: CAFA will seek bond placement in tranches as market conditions allow; the parish authorization permits those sales within the parish footprint but does not commit parish funds.