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» VISIT US ONLINE @ DSNEWS.COM 87 PUERTO RICO HUD Reviewing $8.2B Homeowner Relief Efforts in Puerto Rico Housing and Urban Development's (HUD) acting Deputy Secretary Brian Montgomery told Caribbean Business that HUD is reviewing an action plan submitted by the government for a second group of funding totaling $8.2 billion on top of the original $1.5 billion given in February 2019. "We are reviewing the action plan and developing a grant agreement," Montgomery said. "e mitigation group of money is $15.9 billion for the whole United States; Puerto Rico gets $8.3 billion of that, but it is a long-term investment. We, at HUD, still need to publish a federal register notice for all states that are going to get money including Puerto Rico. at would be longer term," he added. President Donald Trump recently signed the Bipartisan Disaster Recovery Funding Act, which provides $19.1 billion in recovery funds for disaster-affected areas including Puerto Rico. U.S. Reps. Randy Weber and Lizzie Fletcher introduced the Bipartisan Disaster Recovery Funding Act in May with support from 13 other co-sponsors from Texas, mostly from the Houston area, as well as supporters from other communities waiting on the funding, including Louisiana, South Carolina, Florida, and Puerto Rico. e Act directs federal agencies to release the $16 billion in disaster funds Congress approved in early 2018 following Hurricane Harvey to different states and territories—including more than $4 billion to Texas—within 60 days. "After Harvey hit, I fought alongside the Texas delegation to secure additional funds for Harvey survivors," said U.S. Rep. Mike McCaul. "Unfortunately, the agencies tasked with distributing these funds did not respond with the same urgency." According to a report from the Urban institute, natural disasters leave a negative impact on homeownership long afterward. Urban notes that the negative effects of disasters persist, or even grow over time, for important financial outcomes. Urban's report calls for lenders and government sponsored enterprises to update existing mortgage delinquency and foreclosure policies to account for these long-term financial burdens following disasters. As part of a plan to further address affordable housing issues, and possibly address some of the issues put forth by the Urban Institute, House Financial Services Committee Chairwoman Maxine Waters included a plan for pre-disaster mitigation funds in a bill introduced on Tuesday. Part of the bill contains $5 billion to support mitigation efforts that can protect communities from future disasters and reduce post-disaster federal spending. e additional funds may act as insurance for homeowners affected by natural disasters. According to data from Colorado State University, there is a 48% chance of coastal areas being hit by hurricanes making landfall this year, just slightly down from the century-long average of 52%. Homeowners without proper insurance in these areas are at high risk for default or foreclosure.

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