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.
Topics Louisiana Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Agency Customer Rep and Miami Businessman Killed in Separate Boat Accidents 
Florida Man Faked Brain Injury for Years in Attempt to Gain $6M in Insurance 
Chubb: Cyber Claim Severity Nearly Doubled for Large Businesses 
Viewpoint: Insurance Broker Valuations – The Elephant in the Room 
