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HUD Releases $3 Billion In Emergency Funding To Mississippi
WASHINGTON – Housing and Urban Development Secretary Alphonso Jackson today announced he is releasing $3 billion to the state of Mississippi to help thousands of homeowners in the state to recover from Hurricane Katrina. Last April, HUD approved Mississippi’s plan that is part of $5 billion allocated in Community Development Block Grant (CDBG) funding to help the state in its long-term recovery efforts. Jackson will make a televised statement on the release of these funds this afternoon (see details below).
Today’s release of funds means thousands of qualified homeowners in Mississippi will shortly be receiving up to $150,000 to help them recover from Hurricane Katrina. The remaining $2 billion in CDBG funding will be made available to Mississippi once the State submits an amendment to its action plan for HUD’s review.
"Today we take another step closer toward helping make Mississippi homeowners whole again," said Jackson. “Throughout this process, Mississippi was intent on getting this money to the very people who need it most. I’m confident that with the appropriate safeguards in place, Mississippians have created a homegrown plan to rebuild their local communities.”
Mississippi Governor Haley Barbour said, "I am grateful to HUD for approving our plan and pleased that today's release of funds will get essential money into the hands of coastal homeowners who desperately need the help."
A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving
Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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Definition:
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
Amenity
Definition:
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).
Borrower
Definition:
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
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