Louisiana Recovery Corporation Act - Establishes the Louisiana Recovery Corporation as an independent establishment in the executive branch whose primary mission shall be the economic stabilization and redevelopment of areas within Louisiana that were devastated or significantly distressed by Hurricane Katrina or Hurricane Rita.
Directs the Corporation to establish the following divisions: (1) Environment and Land Use Management; (2) Economic Development; (3) Property Acquisition; (4) Property Management; (5) Property Disposition; and (6) Urban Homesteading and Community and Faith-Based Organizations.
Sets forth Corporation authority with respect to: (1) property acquisition and mortgage debt assumption; (2) property resale, disposition, or improvement; and (3) limited eminent domain power.
Terminates the Corporation ten years after enactment of this Act.