In the aftermath of Hurricane Isaac, U.S. Housing and Urban Development (HUD) announced disaster assistance to displaced homeowners and low-income renters in the states of Mississippi and Louisiana.
The announcement was made by HUD secretary Shaun Donovan following President Barack Obama’s declaration of disaster in various counties of these states.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” Donovan said in a statement. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”
The HUD plans to streamline the Department’s Community Development Block Grant and HOME programs to expedite the repair and replacement of damaged housing, grant immediate foreclosure relief and make mortgage insurance available.
The Department also plans to make insurance available for both mortgages and home rehabilitation apart from offering state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure, a press release stated.
The risk monitoring firm Eqecat estimates that damage caused by hurricane Isaac could exceed $1.5 billion, the Live Insurance News reported. It further adds that risks are not yet over, with damages caused by flooding proving to be more serious that those caused by strong winds.
Meanwhile, William Craig Fugate, head of the Federal Emergency Management Agency told the New York Times that “whether a community is beginning the cleanup process, or still feeling the effects of Isaac, residents still need to be alert to the dangers that remain. This is still a powerful storm and there are a number of areas both along the coast and inland that can be affected by strong winds, storm surge and inland flooding and tornadoes.”
