[StBernard] Revisions, Clarifications Proposed to Road Home Action Plan

[Westley Annis]

Nicole,

AMI stands for Average Median Income and is compiled annually by the
Department of Housing and Urban Development (HUD).  It is broken down by
county (parishes in Louisiana) or Metropolitan Area (sometimes referred to
as MSA).

St. Bernard is grouped into an MSA with Orleans and Jefferson Parishes.

For FY2006, the AMI is $52,300 (in 2004 it was $42,770) for a family of 4.

If your family size is different you can do a little math to get a rough
idea of what the actual AMI is for your family (it's not exact because of
rounding from the source numbers).

Look up your family size and get the 30% of median value.  Divide this
number by .3 (use a calculator, much easier).  For examble, a family of four
has a 30% median value of $15,700.  Divide by .3 and you get $52,333 and
some change.  This value is only $33 off from the actual value of $52,300.

All of the AMI values for family sizes from 1 - 8 people is located in HUD's
website (use the New Orleans-Metairie-Kenner group):

http://www.huduser.org/intercept.asp?loc=/Datasets/IL/IL06/la_fy2006.pdf

The AMI only comes into play if your grant amount is not enough for you to
rebuild.  Everyone, regardless of income level is eligible for the grants of
$150,000 minus FEMA/insurance monies.

Going back to the AMI, if our family of four needs more monies after
receiving whatever they get from the grant, they cannot make more than
$41,840 (80% of $52,300).

Westley

-----Original Message-----
I am a little confused on the proposed amendments as to the "affordable
loan".  My first question is how do you find out what the AMI is?  Secondly,
do you have to fall within the category of income less than 80% of the AMI
to receive any funds from the LRA or is that category only for a certain
type of loan within the LRA program which will be forgivable over time if
you remain in the home and if you make below the AMI?  Basically what I am
trying to ask is will a homeowner be excluded entirely from the program if
they make above the 80%.

Thanks,
Nicole J.




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