As images of the aftermath of Sandy come in and surveys of the damages are being assessed, it is without a doubt that millions of people on the East Coast have been left to pick up the pieces of their homes. Some families will have to endure repairs that will cost thousands while others will find their home destroyed.
Today, I have announced that HUD will speed federal disaster assistance to the states of New York and New Jersey. Families who have been forced from their homes need to know that help is available so that they may begin the rebuilding process.
HUD's disaster assistance will:
Give States the flexibility to redirect millions of Community Development Block Grant and HOME program dollars to address critical needs, including housing and services for disaster victims.
Grant a 90-day moratorium on foreclosures of FHA-insured homes
Make mortgage insurance available under HUD's Section 203(h) program
Make insurance available for both mortgages and home rehabilitation under HUD's Section 203(k) program
Offer Section 108 loan guarantee assistance
My colleagues and I at HUD will be working with State and local officials to ensure that this much needed assistance will reach those impacted by Sandy so the rebuilding can begin. From everyone here at HUD, our thoughts and prayers are with everyone who has been affected by Hurricane Sandy.