The SBA loan program is harder to get a loan out of than Wall Street.
Block grants are a myth.
ICC coverage will not cover the costs.
FEMA mitigation grants will maybe cover 10% of these numbers. If you win the lottery, that still will not cover the costs.
Here are some proposals that I came up with to bring all these homes into compliance with the FEMA advisory flood maps:
- The government could give no interest 30-year loans to raise.
- Price-fixed per square foot for house-raising companies.
- A $10,000 hazard adjustment house that entails complex raising.
- Monthly payment plans to house raisers from the fund.
- Reduced rates for anyone over the age of 65.
- Flat $1000 dollar insurance premium for structure only flood insurance - $100,000 max.
- Flat rate of $500 for contents, not to exceed $10,000 dollars.
- Street plans for moving homes. This means right of ways set up for homes that are close together, or barges in lagoons to put homes on.
- Home replacement loans. This would only be for homes with structural damage or slab homes that can not be raised.
- No insurance for anything below flood heights - these areas are at the home owners own risk.
- A bulkhead incentive program that would include a 10 percent discount on insurance if you raise your bulkhead at your own cost.
- A surcharge on secondary or investment properties.
- A fixed 10-year loan of 3.5 percent
- These are just some ideas I have come up with feel free to add your own.
All homes affected by Sandy with substantial damage have to be raised to comply with the flood heights mortgage amnesty while homes are being raised and brought to compliance.
This would save more money to the banks and the owners and would be a win-win for all. Instead of letting homes fall into foreclosure or worse - walk aways - which would cost much more across the board lowering the tax ratables, taxes, also collapsing the real estate market as a whole.
Please comment below and stay on thread please, only ideas or additions.
(photos credits from http://www.myroncukhousemovers.com/)