Rebuild Louisiana Housing Program

On February 20, 2006, the Louisiana Recovery Authority (LRA) proposed a strategy for rebuilding communities devastated by Hurricanes Katrina and Rita. The "Rebuild Louisiana Housing Program" is only in DRAFT form at the present time. This draft is being submitted for public view and comment. Below is a synopsis of the plan. For the full presentation of the plan and to voice your comments, please go to the LRA's web site (http://www.lra.louisiana.gov) and click on "Housing Presentation" on the home page or "DRAFT Rebuild Louisiana Housing Program: Homeowner Program Descriptions".

Rebuild Louisiana has been modeled based on current information about housing needs and the projected cost of the program design. The LRA's "Rebuild Louisiana Housing Program& draft has four (4) options: Repair, Rebuild, Relocate, or Sell.

REPAIR - Homes that need repair/mitigation. Louisiana contributes up to the pre-storm value to the cost of an equivalent house on the same property. An affordable loan covers any gaps.

REBUILD - Homes that can't be repaired but can safely be rebuilt. Louisiana contributes up to the pre-storm value to the cost of an equivalent house on the same property. An affordable loan covers any gaps.

RELOCATE - The homeowner chooses to sell an existing property to rebuild or relocate elsewhere in a "designated area". Currently the "designated area" is the state of Louisiana. Louisiana contributes up to the pre-storm value for an equivalent home in the "designated area". An affordable loan covers any gaps.

SELL - Louisiana offers 60% of pre-storm value.

In all cases, assistance will be capped at $150,000, and will be decreased by insurance and FEMA repair aid. The assistance (based on total needs) will further be reduced 30% if the original property was in the flood-plain and had no flood insurance.

Qualifying properties - The owner occupied the home at the time of the storm(s). The home sustained major or severe damage that was uninsured/uncompensated. The repair costs must be less than cost of replacing the home. Historic preservation will also be given special consideration.

An online calculator is available to help you determine the amount of grant and/or loan monies you may be entitled to.

The online calculator is provided by an outside source and is not affiliated with the LRA in any manner. The calculator is provided strictly for illustrative purposes only.

Please refer to the web site referenced above for more detailed information.