President Donald Trump issued a disaster declaration for the Louisiana tornado victims, allowing the U.S. Department of Housing and Urban Development to offer foreclosure and other assistance to some families in the Livingston and Orleans parishes.
HUD will speed federal disaster assistance to homeowners and low-income renters forced out of their homes due to this week’s tornadoes.
Some of the assistance HUD will offer includes:
Assisting the state and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant and HOME programs can be redirected to address critical needs, including housing and services for disaster victims.
Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration-insured home mortgages.
Making mortgage insurance available – HUD will provide FHA insurance to the disaster victims who lost their homes. Borrowers with FHA-approved lenders are eligible for 100% financing, including closing costs.
Making insurance available for mortgage and home rehabilitation – HUD’s program enables homeowners to finance the purchase or refinance of their home. It allows homeowners to finance the repairs on their home.
Offering Section 108 loan guarantee assistance – It will also offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.
HUD also tweeted several times, instructing homeowners where to go to find assistance, and what information to have ready when they call in for help.