Louisiana Revised Statutes 49:220.10 – Claims of certain Road Home Program applicants
Terms Used In Louisiana Revised Statutes 49:220.10
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. Notwithstanding any other provision of law to the contrary, those Road Home applicants whose claims were denied because of unresolved succession or inheritance issues shall be awarded a Road Home grant, together with a covenant restriction filed against the property to reserve the rights of the state of Louisiana, for any claims arising in favor of the state against the applicant subsequent to the awarding of the grant. The covenant restriction shall be satisfied and removed upon the occurrence of either of the following:
(1) The signing of a judgment of possession in favor of the Road Home grant recipient subject to the covenant restriction.
(2) The sale or transfer of the property subject to the covenant restriction by the Road Home grant recipient in which the purchaser, heir, or beneficiary receiving the property executes a mortgage in favor of the state, or secures a mortgage from a third party and repays the state the amount of the Road Home grant received for the property.
B. The division of administration, office of community development, is authorized to investigate annually the ownership status of property subject to the provisions of Subsection A of this Section, in order to protect its financial interest in the property improved with funds from the Road Home grant program.
C. Road Home funding for those applicants listed in Subsection A of this Section shall only be dispensed in accordance with revised program rules for the Road Home Program, as reflected in a duly amended Action Plan approved by the United States Department of Housing and Urban Development. In the event that the United States Department of Housing and Urban Development does not approve such amended Action Plan authorizing the use of funds in accordance with the provisions of Subsection A of this Section, Subsection A of this Section shall be without effect.
D. Nothing in this Section shall be deemed to create any right or cause of action.
Acts 2010, No. 1012, §1, eff. July 8, 2010.