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IOWA
HUD Announces Disaster Assistance for Iowa, Nebraska Floods
e U.S. Department of Housing and Urban Development
(HUD) announced that it will speed up federal disaster assistance
to the states of Iowa and Nebraska in order to provide support to
homeowners and low-income renters impacted by severe storms
and flooding in those regions.
is follows on President Trump's issuance of major
disaster declarations for the counties of Fremont, Harrison,
Mills, Monona, and Woodbury in Iowa and Boone, Buffalo,
Butler, Cass, Colfax, Custer, Dodge, Douglas, Knox, Nemaha,
Richardson, Santee Indian Reservation, Sarpy, Saunders,
urston, and Washington in Nebraska. e Midwestern U.S.
states experienced major flooding along the Missouri River in
March 2019, causing an estimated $2.9 billion in damages in Iowa
and $1.3 billion in Nebraska.
HUD's disaster assistance will include foreclosure relief and
other assistance to qualifying families living within the affected
areas.
Federal Housing Administration (FHA)-insured borrowers
will receive immediate foreclosure relief. HUD's automatic 90-day
moratorium on foreclosures of FHA-insured home mortgages
commenced for the Iowa counties covered under the Presidential
declaration on the date of the declaration.
Also, HUD's Section 203(h) program provides FHA insurance
to disaster victims whose homes were destroyed or damaged to
such an extent that reconstruction or replacement is necessary.
Borrowers from participating FHA-approved lenders are eligible
for 100% financing, including closing costs.
ose who have lost their homes may also receive finance or
refinance assistance through HUD's Section 203(k) loan program,
which also allows homeowners who have damaged houses to
finance the rehabilitation of their existing single-family home.
e Department will share information with the Federal
Emergency Management Agency (FEMA) and the State on
housing providers that may have available units in the impacted
counties. is includes public housing agencies and multi-family
owners. e Department will also connect FEMA and the
State to subject matter experts to provide information on HUD
programs and providers.
