$1.2B in Road Home money still tied up
New Orleans CityBusiness, Oct 8, 2007 by Reports
The Louisiana Recovery Authority has backed out $1.2 billion from its Road Home budget in Federal Emergency Management Agency money from the Hazard Mitigation Grant Program.
"The original $7.5 billion budget included the $1.2 million in HMGP funds that we've never been able to use because FEMA won't approve our application," said LRA spokeswoman Melissa Landry. "We are taking this out, since we still can't use it, and adding in the state's commitment of $1 billion to bring the current budget to $7.3 billion."
Landry said the state is still lobbying FEMA to approve use of the funds in The Road Home program.
The Road Home is now averaging a record 1,141 closings per week.
Most homeowners -- 133,892 or 72.5 percent -- say they plan to rebuild their former home.
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