HUD releases $3 billion in emergency funding to Mississippi
Housing and Urban Development
WASHINGTON -- Housing and Urban Development Secretary Alphonso Jackson today announced he is releasing $3 billion to the state of Mississippi to help thousands of homeowners in the state to recover from Hurricane Katrina.
Last April, HUD approved Mississippi's plan that is part of $5 billion allocated in Community Development Block Grant (CDBG) funding to help the state in its long-term recovery efforts.
Today's release of funds means thousands of qualified homeowners in Mississippi will shortly be receiving up to $150,000 to help them recover from Hurricane Katrina.
Homeowner Grant Assistance Program -- It's estimated that more than 65,000 homes were either damaged or destroyed in Southern Mississippi by Hurricane Katrina.
The state's plan includes $3 billion in grants up to a maximum $150,000 per eligible homeowner.
In exchange for this assistance, a covenant will be placed on the property that obligates all current and future homeowners to comply with building codes, flood insurance and elevation requirements.
