Month 2: Finding Your Disaster Recovery Pathway.
CDBG-DR Grant Process is crucial for those fighting or struggling to find a disaster recovery pathway. Discover the steps to navigate recovery successfully.
By Murray Wennerlund, published on updated on .
Month 2: Finding Your Disaster Recovery Pathway.
At the second month, you are now more than halfway through all of the available disaster assistance that you are eligible for.
Just a quick recap:
You have completed applications for everything listed in Week 1 Sequence of Delivery:
- Week 1: Food, shelter, clothing, medical, unemployment
- Week 1: Transitional housing renewable monthly for up to 22 months or longer
- Week 2: Insurance, FEMA grants maximize amounts
- Week 2: Other Needs Assistance that you qualify for
- Week 3: Loans for repairs, SBA Disaster Loan, Personal loans, Bank, and Private loans
- Month 2: Prepare for HUD CDBG-DR grants if loans and available cash resources are not sufficient, also known as unmet needs.
The Housing and Urban Development (HUD) Community Development Block Grant Disaster Recovery Process begins.
The federal department of Housing and Urban Development (HUD) is responsible for providing federal taxpayer funding to public and private ventures to assist communities with their rebuilding after a disaster efforts.
Unlike FEMA which is a federal agency that provides first 3 to 6 months of disaster assistance to individuals and families, HUD provides funding to state governments that in turn offer to assist with rebuilding efforts conducted by government, commercial and private community members.
The Small Business Administration Disaster Loan program options.
SBA loans have been a long standing disaster recovery program that offers low interest loans to businesses and homeowners to assist with rebuilding efforts.
It's important to note that SBA loans are not grants, they are loans that must be repaid.
It's also important to note that SBA loans are not the only option for disaster recovery funding.
You could apply for a private loan or borrow from your retirement account.
Since 2016 15% of all SBA loans have been defaulted resulting in the loss of the home for the family.
SBA is only required to monitor and report defaulted loans for the first 12 months after the loan is issued in which 6 months of the loan has deferred payments.
The Small Business Administration (SBA) offers disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.
