Mississippi has increased by 35 percent insurance values used in calculating homeowner grant amounts to compensate for higher post-Katrina construction costs.
According to Scott Hamilton, spokesman for the Mississippi Development Authority, in Jackson, Miss., the action came after officials realized the majority of homeowners are underinsured in comparison to inflated construction costs.
All other core elements of the grant, including the $150,000 cap, remain the same, Hamilton said.
“Because we know this may change whether some homeowners were going to apply, we are going to open up a second chance for them to apply,” Hamilton said.
The grant does not affect those receiving state or federal benefits such as pensions or disabilities.
To date more than 16,500 have applied for the Katrina Homeowner Grant Program. Fund disbursements have been delayed due to a public comment from the Mortgage Bankers Association, the Consumer Mortgage Coalition and the Housing Policy Council, all regarding the environmental assessment study.
Topics Homeowners Mississippi
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