[StBernard] State Outlines Changes to Road Home Elevation Calculations, Appraisals

[Westley Annis]

John Scurich can you translate please?  If R.H. under-appraised and we are
appealing, submitting your appraisal, what does this stuff mean?  In
layman's terms please.

Thanks,
Jim





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	State Outlines Changes to Road Home Elevation Calculations,
Appraisals
	
	BATON ROUGE, La. (March 5, 2008) - To speed the payout funds to
homeowners and in recognition of the cost of elevation, most homeowners will
receive a flat $30,000 for elevation through the Road Home program, the
Louisiana Recovery Authority (LRA) and the Office of Community Development
(OCD) announced today.
	
	Rather than each homeowner having an individual elevation grant
calculation, homeowners will receive standard elevation amounts through the
Road Home program, based on the type of home they have, at the following
levels:
	
	* Site built homes and modular homes: up to $30,000 elevation
allowance;
	* Mobile homes: up to $20,000 elevation allowance.
	
	"This across-the-board formula will give most homeowners a flat
$30,000 for elevation, which will cut through the red tape of individual
grant calculations, speed the pace of payouts to homeowners and bring
elevation awards more in line with actual elevation costs," said Walter
Leger, chair of the Louisiana Recovery Authority's (LRA) Housing Task Force.

	
	Homeowner compensation through the Road Home is still capped at
$150,000 per applicant. Almost 2,000 applicants have already received their
elevation awards and will be eligible for additional funding if they
received less than they would under the new policy provided the new amount
does not exceed the total Road Home program cap of $150,000.
	
	For all homes, the policy change makes the program conform more
closely to estimates by the Federal Emergency Management Agency (FEMA) of
the actual cost of elevation.
	
	The state announced in late February that homeowners who qualified
for elevation awards would be receiving information about the program over
the next several weeks. The state anticipates that the first elevation
awards will be paid this spring. The elevation program was originally put on
hold in April 2007 after concerns over a potential shortfall in the Road
Home budget.
	
	Louisiana will also run a second elevation program using Hazard
Mitigation Grant Program (HMGP) funds beginning this summer. This program
will help Road Home applicants cover the gap between their Road Home
elevation awards and the actual cost of elevation. 
	
	In addition, the state announced Wednesday a change to the Road Home
program regarding a full appraisal, called a 1004. This change will affect
applicants who dispute their pre-storm value or submit a post-storm
appraisal of their pre-storm value that exceeds the acceptable value based
on existing Road Home policy. 
	
	Under the new appraisal policy, applicants will be given the option
to request a 1004 appraisal or accept the highest valid pre-storm value
currently in their file. If the applicant requests the 1004 appraisal, which
is most similar to a full appraisal for real estate transactions, it will
represent the final pre-storm value of their home. If the new appraised
value is higher or lower than what is currently in the homeowner's file, it
will result in an award calculation adjustment. This adjustment would result
in either additional funding or a reduction in funding to the homeowner. 
	
	Hurricanes Katrina and Rita devastated South Louisiana, claiming
1,464 lives, destroying more than 200,000 homes and 18,000 businesses. The
Louisiana Recovery Authority (LRA) is the planning and coordinating body
that was created in the aftermath of these storms to lead one of the most
extensive rebuilding efforts in the world. The LRA is a 33-member body which
is coordinating across jurisdictions, supporting community recovery and
resurgence, ensuring integrity and effectiveness, and planning for the
recovery and rebuilding of Louisiana.
	
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