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HUD Provides $5 Billion to Help Texas Recover From Hurricane Harvey

Investor Update
November 17, 2017

WASHINGTON – The U.S. Department of Housing and Urban Development today awarded $5.024 billion to help hard-hit areas in the State of Texas to recover from Hurricane Harvey. The grant announced today by the Trump Administration is provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program and will support the repair of damaged homes, businesses and critical infrastructure in the State. HUD Deputy Secretary Pamela Hughes Patenaude and Governor Greg Abbott made the announcement today during a news conference in Austin.

“As President Trump has said from the beginning, the whole federal family is with the people of Texas to help them recover from this devastating storm as quickly as possible,” said HUD Secretary Ben Carson. “HUD will work with Governor Abbott and his staff to do whatever is needed to rebuild damaged homes and to restore shuttered businesses in some of the hardest-hit areas of the State.”

Governor Abbott added, “The urgency with which our federal partners are addressing the needs of Texans following Harvey is exactly what is needed to help them rebuild their lives. I thank Secretary Carson, Deputy Secretary Patenaude, and the Trump Administration for working on behalf of Texans who have been hardest hit and in need of immediate aid. Our goal from the start has been work in conjunction with federal and local leaders to help Texans repair and rebuild as quickly as possible, and this funding is a good start that brings us one step closer to achieving that goal.”

“Texans hit hardest by Hurricane Harvey face unprecedented hurdles as they rebuild their homes and businesses, and these funds will help them move forward after the storm,” said Sen. John Cornyn. “I’m grateful for the support Texas has received from Secretary Carson, and I look forward to continuing my work with Senator Cruz, the Texas delegation, and Governor Abbott to ensure Texans aren’t left behind.”

On September 8th, President Trump signed the Continuing Appropriations Act, 2018 and the Additional Supplemental Appropriations for Disaster Relief Requirements Act, 2017. The Act appropriated $7.4 billion in CDBG-DR funding for major disasters declared in calendar year 2017. To distribute these funds, the Act requires HUD to direct the funds to the areas most impacted by qualifying disasters. HUD will announce additional grants to other jurisdictions as more data become available on the unmet needs from other disasters such Hurricane Irma, Hurricane Maria and the California fires.

In making today’s allocation to the State of Texas, HUD relied upon information from the Federal Emergency Management Agency (FEMA) and the Small Business Administration (SBA) on the number of seriously damaged homes lacking adequate insurance and businesses that failed to qualify for SBA’s disaster loan program. HUD’s analysis found over 230,000 homes with damage, approximately 65,000 of which had serious damage that is not covered by other sources. More than 4,000 businesses similarly suffered serious damage from flooding that is not covered by insurance or other resources. The grant announced today is designed to meet needs not being met by private insurance or other sources of Federal assistance.

CDBG-DR grants support a wide variety of activities including housing redevelopment, business assistance and infrastructure repair. State and local governments are required to spend the majority of these recovery funds in “most impacted” areas as identified by HUD. The CDBG-DR initiative is built upon the basic CDBG program, and HUD will shortly issue administrative guidelines for use of the funds that will increase grantees’ flexibility in addressing their long-term recovery needs.

Source: HUD

Safeguard Properties (Hurricane Harvey All Client Alert summary page)

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties