HUD has released HUD No. 06-058 announcing that HUD Secretary Alphonso Jackson is approving a $4.6 billion plan proposed by the State of Louisiana to create The Road Home Program.

The funding is part of $6.2 billion in CDBG assistance Jackson allocated to Louisiana in January to assist the state in its long-term recovery efforts. Jackson also called on Congress to quickly approve an additional $4.2 billion in CDBG funding to further support Louisiana's long-term recovery.

Components of the Road Home Program include;

• Assistance to Homeowners -Provide maximum grants of up to $150,000 for certain eligible homeowners. Among the requirements of the program, homeowner assistance grants will be based on the extent of damage and the owner's commitment to repair, rebuild, or relocate within the state. Homeowners may also agree to sell their home to the state with no requirement to resettle or otherwise remain in their community. This component has been allocated $3.5 Billion.
• Developer Incentives - Louisiana recognizes that in many hurricane-affected neighborhoods, special incentives may be necessary to stimulate the development of new, attractive mixed-income housing. As a result, the state's action plan will provide $32.1 million to develop a "toolkit" of incentives to encourage developers to to construct attractive mixed-use housing developments (both rental and homeowner), in areas that suffered the greatest losses.

To view the full Press Release please click on the following link.

HUD No. 06-058