Industry News

Hurricane-hammered states get $11.5 billion to rebuild

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U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that the agency will supply $11.5 billion in disaster funding among five Gulf Coast states impacted by Hurricanes Katrina, Rita and Wilma. HUD's Community Development Block Grant Program will allocate the money to assist Louisiana, Mississippi, Florida, Alabama and Texas in long-term recovery efforts. Under the plan, Alabama will receive $74.4 million, Florida will receive $82.9 million, Louisiana will receive $6.2 billion, Mississippi will receive $5.1 billion, and Texas will receive $74.5 million. "Today, we take another major step toward fulfilling the President's pledge to rebuild the Gulf region," Jackson said. "This is an investment in long-term recovery and rebuilding lives. It's my hope that families who once had a home can return home." Donald Powell, federal coordinator for Gulf Coast Rebuilding, said, "We are pleased that Congress has appropriated these monies for the purpose of long-term recovery...