HUD Reviewing $8.2B Homeowner Relief Efforts in Puerto Rico

Housing and Urban Development's (HUD) acting Deputy Secretary Brian Montgomery told Caribbean Business that HUD is reviewing an action plan submitted by the government for a second group of funding totaling $8.2 billion on top of the original $1.5 billion given in February.

“We are reviewing the action plan and developing a grant agreement,” Montgomery told Caribbean Business

“The mitigation group of money is $15.9 billion for the whole United States; Puerto Rico gets $8.3 billion of that but that is long-term investment. We, at HUD, still need to publish a federal register notice for all states that are going to get money including Puerto Rico. That would be longer term,” he added.

President Donald Trump recently signed the Bipartisan Disaster Recovery Funding Act, which provides $19.1 billion in recovery funds for disaster-affected areas including Puerto Rico. U.S. Reps. Randy Weber and Lizzie Fletcher introduced the Bipartisan Disaster Recovery Funding Act in May with support from 13 other co-sponsors from Texas, mostly from the Houston area, as well as supporters from other communities waiting on the funding, including Louisiana, South Carolina, Florida, and Puerto Rico.

The Act directs federal agencies to release the $16 billion in disaster funds Congress approved in early 2018 following Hurricane Harvey to different states and territories—including more than $4 billion to Texas—within 60 days.

“After Harvey hit, I fought alongside the Texas delegation to secure additional funds for Harvey survivors,” said U.S. Rep. Mike McCaul. “Unfortunately, the agencies tasked with distributing these funds did not respond with the same urgency.”

The Five Star Conference will host its Disaster Preparedness Symposium on July 31 in New Orleans, Louisiana. Natural disasters impact investors, service providers, mortgage servicers, government agencies, legal professionals, lenders, property preservation companies, and—most importantly—homeowners. The 2019 Five Star Disaster Preparedness Symposium will include critical conversations on response, reaction and assistance, to ensure the industry is ready to lend the proper support the next time a natural disaster strikes.