HUD awards $500 million to help flood-impacted communities

The U.S. Department of Housing and Urban Development has awarded $500 million to help Louisiana, Texas and West Virginia recover after severe flooding events that occurred earlier this year. The funds will assist the most impacted communities that experienced the most serious damage to their housing stock, according to a HUD news release.

“These three states — Louisiana, Texas and West Virginia — experienced intense and destructive flooding causing great damage to residents’ homes and draining state resources,” HUD Secretary Julian Castro said in a news release. “We make a critically needed investment to help these communities recover and help families rebuild their homes.”

The spending measure, signed into law by President Obama Sept. 29, directed HUD to allocate $500 million “in the most impacted and distressed areas,” according to the release. Since the appropriation applies to presidentially declared disasters that occurred before Sept. 29, areas effected by Hurricane Matthew will not be eligible for these funds but will receive other federal assistance.

In the hardest-hit counties of Louisiana, Texas and West Virginia, more than 102,000 households experienced some level of damage to their homes including more than 41,000 families who saw the most serious level of damage or destruction and unmet needs, the release said.

Here is a breakdown of funds awarded to each state:

• Louisiana: $437.8 million

• Texas: $45.2 million

• West Virginia: $17 million

The funds were provided through HUD’s Community Development Block Grant-Disaster Recovery Program. HUD will publish a notice in the Federal Register which will define the criteria for use of these funds.

To read more about the HUD assistance, click here.

By |2019-11-25T07:48:19-06:00October 18th, 2016|Financial Services|0 Comments

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