Columbia, Mo. -- Rebuilding the lives of Missouri residents in the aftermath of recent severe storms, flooding and tornadoes will require long-term solutions.
More than $16.2-million has been disbursed to assist disaster survivors with temporary financial housing assistance through the U.S. Department of Homeland Security's Federal Emergency Management Agency. Temporary manufactured homes are also being placed in some areas.
FEMA assists in making a disaster-damaged home safe and sanitary, and fills gaps in insurance coverage. While this helps residents get back on their feet, the need for longer term, permanent solutions remains.
The Missouri State Emergency Management Agency and FEMA are coordinating the recovery with city, county and state officials. There are additional federal partners also offering help and they may have longer-term programs that survivors are not aware of.
The U.S. Small Business Administration, the U.S. Department of Housing and Urban Development, the U.S. Department of Agriculture's Farm Service Agency and the U.S. Veterans Administration all have resources that address survivors' permanent needs.
U.S. Small Business Administration
The SBA has already approved more than $16.9-million in low-interest disaster loans for Missouri homeowners in the aftermath of this year's storms. SBA can offer:
- Disaster loans up to $200,000 to repair or replace a primary residence, and $40,000 to repair or replace damaged or lost personal property, including automobiles.
- Interest rates as low as 2.5 percent, with repayment terms up to 30 years.
No survivor is required to take an SBA loan, but completion of the SBA application is key to eligibility for additional FEMA/State disaster assistance.
The SBA also provides low-interest disaster loans to businesses. Private, non-profit organizations such as charities, churches, private universities, etc., may also be eligible. They may be eligible for:
- Loans up to $2-million, with interest rates as low as 4 percent for businesses (as low as 3 percent for non-profits). These loans may pay for the repair or replacement of damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
- Economic injury disaster loans up to $2-million to help meet working capital needs that were caused by the disaster.
U.S. Department of Housing and Urban Development
HUD has placed a 90-day moratorium on foreclosures of Federal Housing Administration-insured home mortgages in Missouri's disaster-designated counties. The following programs also provide support to homeowners and low-income renters forced from their homes following the recent severe storms, flooding and tornadoes:
- HUD's Community Block Grant and HOME programs give the state and local communities the flexibility to redirect money to address critical needs, including housing and services for disaster survivors. HUD is working to streamline the programs in order to expedite the repair and replacement of damaged homes.
- HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from FHA-approved lenders are eligible for 100 percent financing, including closing costs.
- HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase of a home, or refinance a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home.
U.S. Department of Agriculture's Farm Service Agency
The USDA's Farm Service Agency has programs that may be available to assist crop and livestock producers recover f...