La. Gov. Presents Housing Plan for Under-, Uninsured Homeowners

Louisiana Gov. Kathleen Blanco recently outlined a $7.5 billion draft proposal for housing assistance for underinsured and uninsured homeowners.

According to the Associated Press, among the key points are:

–The plan hinges on $4.2 billion in federal aid that Congress still needs to approve.
–The proposal includes help for rebuilding, repairing, relocating within Louisiana or buyouts.
–Assistance is capped at $150,000 per home and is calculated based on the pre-storm value of the home.
–Homeowners without flood insurance who were in the floodplain face a 30 percent penalty.
–FEMA repair assistance and insurance proceeds would be deducted to calculate the aid.
–Buyouts would be made at 60 percent of the pre-storm value of the home, not to exceed $150,000.
–Homeowners must have $5,200 in uninsured home damage to be eligible.
–Assistance can include direct grants and varying types of loans.

Latest Comments

• February 22, 2006 at 2:43 am

  Tax Payer Also says:

  It would have cost much less if more money would have been spent on levee protection prior to the diaster.
• February 22, 2006 at 1:37 am

  Tax Payer says:

  It would have cost the taxpayers less if we just gave everyone in New Orleans $1,000.000
• February 22, 2006 at 1:02 am

  Regan says:

  The \"poor poor\" people of Louisianna are getting MORE money. They couldn\'t be poor by now!! How much could insurance have cost them per year? Also, I thought these people... read more