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Federal Government Approves GLO $5B Harvey Housing Recovery Plan
Hurricane Harvey made landfall in Texas during August 2017. Ten months later, the U.S. Department of Housing and Urban Development approved the Texas General Land Office’s (GLO) State Action Plan, meaning a $5 billion block grant for disaster relief can be made available to those who need it. The next step is for the GLO to create the funding application forms.
The plan allocates the funds to eight different programs to be overseen by the GLO. The largest allocation — $1.4 billion – will go to the Single Family Homeowner Assistance program, which will help homeowners handle rehabilitation and reconstruction.
Other part of the plan include:
- Affordable Rental ($250 million), which provides funding for rehabilitation and new construction of affordable multifamily properties
- Local infrastructure ($413 million), a program paying for infrastructure repairs and enhancements for local communities
- Economic revitalization ($100 million), offering interim assistance to small businesses, through loans, in exchange for job creation and/or retention
For comments, questions or concerns, please contact Amy Sorter
- ◦Financing
