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For Immediate Release

ROAD HOME DISBURSEMENT UPDATE

BATON ROUGE, La., March 22, 2007 - Beginning April 2, 2007, The Road Home program will issue lump-sum awards directly to homeowners without mortgages, the Office of Community Development announced today. Applicants with closings scheduled between now and April 2 may still close on their awards which will be sent to a financial institution for disbursement. Once the new policy takes effect, the full amount of the award will be disbursed.

"We are encouraging homeowners to continue with their closings while we work quickly to implement the new policies," said Michael Taylor, director of the Disaster Recovery Unit of the Office of Community Development. "All homeowners will have the opportunity to take advantage of the options available under the new policies regardless of when they closed on their awards."
The State currently is setting policies for homeowners who hold mortgages on their homes and will announce implementation plans once policies are final.

The Road Home program is designed to help residents of Louisiana affected by Hurricane Katrina or Rita get back into their homes as quickly and fairly as possible. This groundbreaking program represents the largest single housing recovery program in U.S. history. Working together, Governor Kathleen Babineaux Blanco, the Louisiana Recovery Authority and the Office of Community Development created The Road Home program with the approval of the Louisiana Legislature. The program affords eligiblehomeowners up to $150,000 in compensation for their losses to get back into their homes.

To start your application to The Road Home program, visit www.road2LA.org or call 1.888.ROAD.2.LA (1.888.762.3252). TTY callers use 711 relay or 1.800.846.5277.

 

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