Real Estate

Louisiana lays out 3 housing options for flood victims

Over 100,000 homes affected

State leaders in Louisiana laid out three different housing options for residents whose homes were destroyed in the recent flooding, according to an article by WWL.

Unprecedented flooding in Louisiana led to the rescue of more than 20,000 people, according to an article by Scott Calvert for The Wall Street Journal.

Now, this will change the housing market in the area as thousands of displaced residents seek new housing.

Fannie Mae granted mortgage servicers additional leeway to help some of Louisiana’s flood victims, and Freddie Mac followed shortly with its own disaster relief policies.

Now, state governor John Bel Edwards unveiled the state’s three plans, funded mostly by the Federal Emergency Management Agency, to house flood victims, according to the article.

The state’s three housing assistance options are:

Transitional shelter – which allows victims to choose from a select list of hotels while they wait for their home to be repaired.

Mobile homes – which will be given to flood victims for up to 18 months. The homeowner must have over $17,000 in damages to their home in order to qualify.

Shelter at Home – which would expedite $15,000 in repairs so that homeowners could live in their home while the rest of the repairs are being done.

From the article:

“This program seeks to very quickly to get people back into their homes,” said Edwards. “That’s where our people want to be. They want their kids going back to their schools and they want to live in their neighborhoods, their communities and they want to attend their church.”

3d rendering of a row of luxury townhouses along a street

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