[StBernard] Road Home

[Westley Annis]

Westley,
 
What's the best way to get an estimate as to percentage of damage?  The
parish/FEMA inspection results show ours as 0-10% or something.  However,
for the Road Home program I know that's not good enough.  The house is
gutted at this point but I have some pictures of the interior before
anything was removed.
 
Thanks,
JLY


 

	-----------------------------------------------------
	Wendy,
	
	Lucky for you, the Road Home program, should work out well for you
(at least
	it is in my mind, I still need to run the numbers further below to
make
	sure...cross your fingers).
	
	The main goal behind the Road Home program is to encourage people to
rebuild
	or repair their homes, which is what you are doing, so you will see
the most
	benefit.
	
	Let's look at some numbers.
	
	1) Value of home Pre-Katrina - Let's say $150,000
	2) Percent of damage - 90%
	3) Cost of damage = $135,000
	4) Insurance & FEMA Aid Received = $102,000
	5) Uninsured damages = $ 33,000
	
	Using these numbers, you should be eligible for a grant of $33,000.
If this
	isn't enough, then you should be eligible for a loan of $102,000.
	
	The Road Home loan program will work differently than the SBA.
First, I
	think it is zero interest. Second, it is being called a "silent
loan",
	which means no payments are due until you sell the house, at which
point the
	whole thing is due. I know they are doing this for rental stock, but
I'm
	not sure about owner-occupied.
	
	The two things you will need to do is get your pre-Katrina value as
high as
	possible and your percent of damage as high as possible since these
will be
	the limiting factors on how much you could receive.
	
	Westley