Friday, December 7, 2007

Road Home program now solvent

Gov. Kathleen Blanco and members of Louisiana Recovery Authority this afternoon announced that updated budget estimates for the Road Home program show the state has all the money it needs to pay eligible applicants, according to a news release.

Based on new projections, the state will not have to seek new funds from Congress to ensure that every eligible homeowner receives their full hurricane-recovery grant award from the Road Home.

The new figures are based on the estimated number of eligible applicants, who had to schedule appointments with the program by Dec. 1. To cover a massive shortfall, the state committed $1 billion and secured $3 billion from Congress.

"At last, the moment we have all been hoping for," Blanco is quoted as saying in the release. "We can finally say with confidence that the Road Home is running in the black. After making nine trips to Capitol Hill over the last two years to fight for Louisianas fair share, it's a tremendous relief to know we now have the funds we need to assist all eligible homeowners."