Shameless plug for a family member's business. I'll send Turb some $$.
http://www.bgrealty.com/vacancies/
This is the way I read it after scrolling through FEMA questions and answer pages:
(1)-If you live in a no flood zone that doesn't require insurance you're property will be evaluated based off of square footage along with how devastating the flood was to your area.
(2)-The evaluation will determine what amount (up to max IHP of $33,000), which most people won't get the max.
(3)-The above statement is a FEMA Grant due to not being in a flood zone, therefore you are not required to pay it back like you do a loan and it's not taxable because there's actually no gain on the money granted.
(4)-If your housing re-construction costs exceed the FEMA Grant, you can utilize the low interest FEMA Loan program to bridge the construction costs short fall. This loan is low interest and repayable similar to school loans.
*People need to be extremely careful with this. They are utilizing this an easy way to "remodel" their gutted homes. You need to go back in with similar items. It's ok to upgrade a few things (flooring, counter tops, etc.) but don't try and remodel/redesign rooms or reroute plumbing to open up a bathroom. This is where you get your a55 in a pickle.
Good luck to all out there
The Louisiana Ragin' Cajuns soccer team and the UL Student-Athlete Advisory Committee are joining the Lafayette community in assisting neighbors impacted by the recent flooding in south Louisiana.
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