The Finance Authority of St. Tammany Parish was established in 1979 by the St. Tammany Parish Parish Council. It is a public trust created pursuant to the provisions of the Louisiana Public trust Act contained in Chapter 2-A of Title 9 of the Louisiana Revised Statutes of 1950. The FASTP provides financing of mortgage loans on single family residential real property. In 2005, the Trust Indenture was amended by the Parish Council to expand the powers of the Authority. The FASTP meets its purpose by issuing Mortgage Backed Revenue Bonds. The Bonds of the Authority are secured by the underlying loans, which carry a guarantee from the Federal Government.
Since 1979, the Finance Authority of St. Tammany Parish has financed approximately 12,000 home loans for $1 billion dollars. The FASTP programs offer interest rates that are competitive with those offered in the conventional mortgage market, as well as other incentives which may not be available through traditional financing.
“Home ownership is the cornerstone of a strong community.”-Rick Renzi
As opposed to renting, which can often be more costly than purchasing a home, individuals who own homes develop a sense of pride and responsibility toward their surrounding community. National statistics indicate that homeownership reduces crime, domestic abuse, and helps to build communities.