Home / Daily Dose / HUD Earmarks $1.4B-Plus for Disaster Recovery
Print This Post Print This Post

HUD Earmarks $1.4B-Plus for Disaster Recovery

The U.S. Department of Housing and Urban Development (HUD) has allocated $1.447 billion in Community Development Block Grant–Disaster Recovery (CDBG-DR) funds to provide additional help to communities recovering from 2021 disasters, as well as support building inclusive resilience to climate change.

“HUD continues to do the work to support recovery from disasters that have disrupted and, in some cases, devastated the lives of survivors,” said HUD Secretary Marcia L. Fudge. “But we want to make sure that we are doing it in a way that is beneficial and equitable to those who were already underserved before the disaster struck. We must also push forward to build back stronger to prevent future destruction from disasters and climate change impacts as much as possible.”

HUD is allocating $1.447 billion to 10 local governments and 13 state governments that received partial CDBG-DR allocations for 2021 disasters, including Hurricane Ida, in March 2022. With the additional funds allocated, HUD has now allocated a total of $3.660 billion to these 23 communities to recover from 2021 disasters, and build inclusive resilience to future disasters and the impacts of climate change.

HUD’s latest allocation is part of a total of $2 billion appropriated for disaster recovery in the Continuing Appropriations Act, 2023 that funded the federal government through December 16. HUD will allocate the remaining $553 million for 2022 disasters when adequate data about those disasters becomes available.

As part of HUD’s Climate Action Plan, an agency-wide strategy to advance climate adaptation and resilience, the Department is committed to steering disaster recovery in a direction that ensures climate justice and racial equity are at the forefront of these efforts. The Plan also supports the Biden Administration's climate and equity focus found in the Executive Order on Tackling the Climate Crisis at Home and Abroad.

The latest estimates from CoreLogic of the damage and loss totals from Hurricane Ian found that total flood and wind losses will total between $41 billion and $70 billion. This estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties. Hurricane Ian was the costliest Florida storm since Hurricane Andrew made landfall in 1992.

Hurricane Ian left its impact on the Sunshine State’s overall housing market as well, as Redfin found that pending home sales fell 58% year-over-year in the Cape Coral, Florida metro area during the four weeks ending October 16 in the aftermath of Hurricane Ian. That total is nearly twice the nationwide decline of 32%. Pending home sales also slumped in the nearby Naples (-52%) and North Port (-51%) metro areas over that same time span. Other Florida metros were impacted by the storm, as sales fell 47% in Miami, 46% in Jacksonville and 43% in West Palm Beach, while sales were down more than 40% in the Deltona, Tampa, and Orlando metros.

Click here for a breakdown of states receiving HUD disaster recovery aid.

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
x

Check Also

Study Finds Renting More Affordable Than Starter Homes

According to the Realtor.com Monthly Renter Report for December 2022, on average, a typical renter from the top 50 metros analyzed faced 41.4% lower monthly payments than a first-time homeowner.