[StBernard] Grant/Buyout Question

[Westley Annis]

Angel,

The thing to remember is that there are different buy-out programs.

FEMA has a nearly bottomless pit of money to use for buy-outs that will
result in green space.  Under this program, the buy-out is at full value,
but the local government needs to contribute 25% of the cost.

The parish is trying to get that number lowered since it doesn't have any
money to contribute for even one piece of property, but what has happened in
other communities is for the owner to donate some or all of the 25%.

Under the LRA program, insurance proceeds would be deducted.  In that case,
since your insurance has fully paid off your house, you would do better to
simple sit on the property and hope to sell it in a private transaction some
time in the future.

You could place a for sale sign on the property now and see if anyone makes
an offer that is acceptable to you.  It is not uncommon for homes to be on
the market for years waiting for the right buyer.

Calvin Schenk took years to sell his home on Palmisano and another property
on Friscoville also took years.  If you don't need the money, then just hang
a for sale sign up and wait.

Westley

-----Original Message-----


I have a question regarding the buyout and grant money.  Say a person had a
home valued at 100,000 pre-Katrina.  If they received 120,000 in insurance
proceeds for the dwelling itself, are they even eligible for grant money?
What about the parish buyout plan?  It seems that insurance proceeds will be
deducted from any grant or buyout money, so if you were insured for more
than your house was worth, what do you do?  If the parish decides to make
your property green space, how much would they give you for your property?
Also, I'd like to make a comment regarding all the insurance talk.  Lately,
it seems that people are attacking each other for having or not having
insurance.  The bottom line is that for whatever reason, you either had
flood insurance or you didn't. 
There is nothing you can do about it now!  I think all these attacks are
ridiculous and petty.  If you had flood insurance, count your blessings.  If
not, learn from the past.  That's all any of us can do.

Angel Steinmann