The Road Home, the Louisiana grant program for homeowners who lost their houses to Hurricanes Katrina and Rita, is expected to cost far more than the $7.5 billion provided by the federal government, in part because many more families have applied than officials had anticipated.
As a result, Louisiana officials recently set a July 31 deadline for applicants, who can receive up to $150,000 to repair or rebuild their houses. With the cutoff date, the state hopes to be able to figure out how much more money it needs to pay for the program; the shortfall is projected to be $2.9 billion.
Only 22,000 families statewide, out of 140,000 applicants, have received grants so far, for a total of $1.3 billion. The grants have averaged about $76,000, which is more than the roughly $60,000 the state predicted last August.
[ via Leslie Eaton, New York Times ]