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Louisiana

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March 9, 2006 FUNDS REQUIRED TO MEET THESE OBJECTIVES IS $12.1 BILLION Louisiana has a large unmet need for housing assistance and recovery. COST TO RETURN HOMEOWNERS ... – PowerPoint PPT presentation

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Title: Louisiana


1
  • Louisianas Case for Additional 4.2 billion in
    CDBG Funds

March 9, 2006
2
FUNDS REQUIRED TO MEET THESE OBJECTIVES IS 12.1
BILLION
Cost Billions
Objective
  • Provide for owner occupied housing needs

7.50
  • Provide for rebuilding of affordable workforce
    rental housing
  • Provide for critical state and local
    infrastructure needs
  • Provide for economic development programs to spur
    job growth

1.75
2.50
0.35
12.10
3
Louisiana has a large unmet need for housing
assistance and recovery.
Total housing need is 7.5B (current 3.3B
4.2B gap)
Safety is the highest priority of Louisianas
housing recovery. The 4.2B is imperative to
build back safely and responsibly.
4
COST TO RETURN HOMEOWNERS SAFELY TO HOMES IS 7.5
BILLION
Owner-Occupied Housing Program
Cost Estimate
Cost/ Home
Program element
Homes
Uninsured with major/severe flood damage
Insured with major/severe flood damage
  • Damage only (10 of major)

2.7k
0.0B
15k
  • Allowance for mitigation (60 of major)

16.0k
0.9B
55k
  • Allowance for buy-out (30 of major)

8.0k
0.3B
19k
  • Allowance for buy-out (100 of severe)

40.1k
1.3B
32k
66.8k
2.5B
37k
Source FEMA, SBA, NFIP
5
SUPPLEMENTAL 4.2 B IS NECESSARY TO REPAIR/
REBUILD SAFELY TO PREVENT FUTURE DAMAGE
  • Safety is critical to rebuilding so as not to put
    people back in harms way
  • LRA mandates that federally-funded recovery
    programs must follow safety requirements
    including
  • The latest FEMA Base Flood Elevation Advisory
    Guidance, before they are official and approved
  • New state home construction codes (in compliance
    to the International Building Code)
  • Risk-reduction spend may include elevations,
    buyouts, cost to build to new safety codes,
    hurricane shutters, clips and other risk-reducing
    measures
  • Costs for buyouts for safety purposes are
    estimated at 1.8 B to prevent future loss of
    life and property
  • Risk reduction costs for safety under the Repair
    and Rebuild programs are estimated at 2.4 B

6
The Road Home Housing Program
Options for Dealing With a Damaged Home
Sell LA Offers 60 of Pre-Storm Value to those
who Choose Not to Repair, Rebuild or Relocate in
LA
Repair LA Contributes Up To Pre-Storm
Value Affordable Loan Covers Any Gap
Rebuild LA Contributes Pre-Storm Value to Cost of
An Equivalent House on Same Property Affordable
Loan Covers Any Any Gap
Buyout/Relocate LA Contributes 100 of
Pre-Storm Value to Cost of An Equivalent House In
Designated Area Affordable Loans for gaps
In all cases, assistance will be capped at
150,000, and will be decreased by insurance and
FEMA repair aid. The assistance (based on total
needs) will further be reduced if the original
property should have carried insurance and did
not.
7
Over ¾ of the Major and Severe Flood Damage
Occurred in Louisiana
Over half of Louisianas major damage and
severe/destroyed is categorized as severe or
destroyed (52) This is more than double the
rate of severe/destroyed of any other state. In
addition to the higher number of units the
average cost of repair will be higher.
1 2 77 20 0
8
Louisiana had more than 5x the destroyed owner
occupied and rental housing units
Severe / Destroyed is most costly requiring a
rebuild or buyout
  • Louisiana had well over 5 times the severe /
    destroyed housing units of Alabama, Florida,
    Mississippi and Texas combined

9
Hurricane Impact on Housing By the Numbers
  • Louisiana had over twice the major and severe
    damage to housing stock than Alabama,
    Mississippi, Florida and Texas combined
  • Louisiana had more than 3 times the major and
    severe damage to housing stock than Mississippi
  • Where the other states had anywhere from 6 to 25
    of their major and severe damage categorized as
    severe / destroyed in Louisiana, over half of
    the major and severe damage in Louisiana is
    categorized as severe / destroyed
  • In the three hurricanes, the Gentilly
    neighborhood in New Orleans had more housing
    damage than the entire State of Texas the New
    Orleans neighborhood of Lakeview had more than
    twice the damage of the entire State of Alabama
  • In the rural, Southwest Parish of Cameron, where
    the eye of hurricane Rita made Landfall, 46 of
    the housing units in that Parish were categorized
    as severe / destroyed. Another 26 had major
    damage

10
Need for Workforce Housing Assistance Is
Significant
  • More than half (51) of all rental unit damage
    from hurricanes Katrina, Rita and Wilma occurred
    in Louisiana more than Alabama, Florida,
    Mississippi, and Texas combined.
  • Rental units were a major source of housing in
    Orleans Parish, with over 53 of the population
    living in rental units
  • 1/3 of units were single family homes
  • 1/3 of units were located in structures with two
    to four units
  • 1/3 were located in traditional multifamily
    housing.

Orleans Parish Pre-Katrina Rental Units, by Type Orleans Parish Pre-Katrina Rental Units, by Type
Pre-Katrina Units
Single Family 33,000
Doubles 19,000
3-4 15,400
5 29,000
Misc. 4,000
Total Occupied 100,400
Total Damaged 70,000
11
85,000 LOWER-WAGE JOBS HAVE BEEN LOST WILL NEED
WORKFORCE HOUSING TO REPLACE THEM
19
Annual wage (2004)
Labor shortfall (Dec. 05)
Lower-wage Industry
Share of job losses by wage level December 05 vs.
04
Lower- wage industries
Building construction
23k
3,800
83,600
FB (retail)
22k
6,300
113,100
Higher- wage industries
83,600
Source Louisiana Department of Labor
12
Number of residents employed(Thousands)
228
MORE THAN 5x AS MANY LOUISIANANS LOST THEIR JOBS
Metro New Orleans experienced 207k of statewide
increase (34 of area employment)
12.2
236k increase in unemployment
46k increase in unemp-loyment
4.0
1,936
1,696
Louisiana has 5x the increase in unemploy-ment
experienced in Mississippi
1,670
1,137
1,091
1,084
10/05
08/05
09/05
10/05
09/05
08/05
LA
MS
Source The Brookings Institution, Katrina Index
(Dec 2005)
13
Total businesses affected by Katrina or Rita
0
TEN TIMES AS MANY BUSINESSES WERE DESTROYED IN
LOUISIANA THAN IN ANY OTHER STATE
20,544
Limited
1,523
Moderate
215
Extensive
18,752
Catastrophic
4,793
1,850
900
688
130
111
1,912
393
295
81
20
LA
MS
TX
AL
Source Census website Census approximations
based upon FEMA affected areas
14
Summary of 12.1 billion program needs
  • The supplemental 4.2B is essential for the
    restoration of housing in Louisiana in a safe and
    secure way
  • Louisianas unique post-hurricane challenge is
    rebuilding where levees failed
  • Unprecedented amount and severity of destruction
    in Louisiana compared to other Gulf states
  • We need housing to bring our people back and
    support our industries both as workers and as
    customers.
  • Louisiana can not implement a viable housing plan
    without adequate, equitable funding
  • Without the ability to provide housing, community
    redevelopment, and jobs for its citizens,
    Louisiana cannot recover
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