Baker announces modifications to Louisiana Recovery Corporation bill
Thursday, November 17, 2005
WASHINGTON -- At a hearing today of the House Financial Services Committee, U.S. Rep. Richard Baker, R-Baton Rouge, released the following modifications being made to legislation he introduced (H.R. 4100) to create the Louisiana Recovery Corporation.
These modifications, based on feedback from the bill's supporters, represent either changes or greater emphasis of provisions in the bill as introduced:
I. Private Property Rights Fully Protected.
Clear statement that the Corporation does not have eminent domain authority.
Elimination of property value dispute resolution process and failure to redevelop penalties in Section 8 referencing eminent domain.
Establishment of voluntary property value dispute process.
II. Homeowners May Not Be Coerced.
Clear statement that no property owner or homeowner may be compelled by the Corporation to accept a settlement offer.
Clear statement that property owners and homeowners have the right to opt out of any dealings with the Corporation.
III. Homeowner Equity Protected.
Language added to ensure further protection of a homeowner's interests by requiring the Corporation to consider and use a homeowner's equity position as a basis of a settlement offer.
IV. Local Development Plans Implemented.
Clear statement that the Corporation may not disregard a redevelopment plan agreed to by state and local government officials.
Additional clarification to ensure a community-based, collaborative process for redevelopment.
IV. State Representation on Corporation's Board Improved.
Provide additional representation of Louisiana on Board.
http://baker.house.gov/html/news_item.cfm?id=527