The president’s statement allows HUD to offer assistance to affected families living in these districts. Below is what it means to you:
1. Exemption from foreclosure
2. Mortgage insurance available
The HUD’s Section 203 (h) program provides FHA insurance to disaster survivors whose homes have been destroyed or damaged enough to require reconstruction or replacement and face the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs.
3. Insurance available for both mortgage and home rehabilitation
The Section 203 (k) HUD loan program enables those who have lost their home to purchase or refinance a home along with its repair through a single mortgage. It also enables homeowners who have damaged homes to fund the renovation of their existing single family home.
4. Exchange of information on housing providers and HUD programs
The HUD will provide information to FEMA and the states about housing providers who may have available units in the affected counties.
5. Flexibility towards states and local governments
The HUD will have governmental exemptions to allow communities more flexibility in using their existing funds for community development block grants, Continuum of Care, HOME, housing for those with AIDS, and emergency solutions. These exemptions will make it easier for communities to respond quickly after Hurricane Ida.
6. Flexibility for public housing authorities
In response to the devastating aftermath of Hurricane Ida, public housing authorities can apply for the administrative flexibility they need through disaster exemptions.