HUD: Record $28 Billion Awarded to Help Hard-Hit Areas in Nine States, Puerto Rico And U.S. Virgin Islands Recover from Major Disasters

Investor Update
April 10, 2018

Source: HUD (full press release)

Disaster recovery funds to help repair damaged housing, businesses and infrastructure

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded nearly $28 billion to support long-term disaster recovery in hard-hit areas in nine states, Puerto Rico and the U.S. Virgin Islands. These funds are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program and will address seriously damaged housing, businesses and infrastructure from major disasters that occurred since 2015.

The grants announced today represent the largest single amount of disaster recovery assistance in HUD’s history and include more than $12 billion for major disasters that occurred in 2017 and nearly $16 billion to support ‘mitigation’ activities in areas that experienced major Presidentially declared disasters since 2015.  Mitigation can broadly be described as actions taken to protect communities from the predictable damage from future events.

“It’s clear that a number of states and local communities are still struggling to recover from a variety of natural disasters that occurred in the past three years,” said HUD Secretary Ben Carson. “These grants will help rebuild communities impacted by past disasters and will also protect them from major disasters in the future.”

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