[FoCHAT] CHAT: SBA deadline help; some resources at the RH website

Thu Jan 10 20:49:41 PST 2008

Friends of CHAT (FoCHAT; now with 610 members),

  1. CHAT worked on the SBA deadline problem from several different angles the past week and now we have some progress to report.

  In case you did not see the article, here it is. I hope that this helps some of you or your neighbors.

  http://www.nola.com/news/t-p/capital/index.ssf?/base/news-5/1199946603191860.xml&coll=1

  SBA may extend deadline for using home loan funds (Times Picayune)
  Many people waiting on the Road Home

  Thursday, January 10, 2008

  By David Hammer

  The Small Business Administration is encouraging people who received federal home loans after the 2005 hurricanes to contact their SBA caseworkers if the long wait for their Road Home money is preventing them from putting their borrowed funds to use.

  Road Home applicants and their advocates notified Louisiana officials last week that some of the 70,000 people still waiting on grants from the state homeowner aid program may find it difficult to meet the SBA's two-year deadline for showing what they plan to do with their loans. An SBA spokesman said this week that deadline could be extended, depending on the circumstances facing each loan recipient.

  Still, SBA spokesman Ben Raju warned that the loan recipients need to make decisions as soon as possible. If they don't get an extension from an SBA loan officer and miss the two-year deadline, they could have their loan withdrawn.

  "Individuals who would like to request an extension for their SBA allocation need to contact their case manager as soon as possible and communicate exactly what situation is," Raju said.

  Each request for an extension will be considered on a case-by-case basis, as will the length of each extension that gets granted. But Raju said SBA loan officers are fully aware of the delays many Road Home applicants have faced and are ready to handle the requests.

  "They have to have a legitimate reason and have to document what's going on with their Road Home grant," he said. "Communication with their case manager is going to be key, because we have flexibility, but at some point they have to make a decision on the funds."

  The situation is generally most dire for the SBA loan recipients among the approximately 15,000 homeowners waiting to sell their damaged homes to the Road Home. If they were approved for an SBA loan early in 2006, they will be expected to report exactly what property they buy with the proceeds in the coming days, even if they need the Road Home sale to go through to complete the transaction.

  2. 
    Resources Available on Road Home Webpage 
  At the Road Home website, http://www.road2la.org. You may want to bookmark some of the following resources.
  Under the Homeowner tab, Frequently Asked Questions you have access to fact sheets on individual topics including Pre-Storm Value, Additional Compensation Grant, Taxes and Program and Covenant Requirements. Here you will find the most up to date information on these topics at any given time. http://www.road2la.org/homeowner/faqs.htm
  The Policies & Resources link under Homeowner tab provides information on policies, links to handouts and sample letters and other resources such as links to websites and organizations. Here is where you will find useful forms such as the:

   Power of Attorney Form (PDF/26k): Download this form to legally act on behalf of an eligible homeowner who cannot act for themselves. 

   Assignment of Grant Proceeds Form (PDF/70k): Use this form to transfer original benefits to a new homeowner. 

   Appeals and Second Disbursements (PDF/73k): Homeowners have the right to appeal The Road Home Homeowner Assistance program's award decision. This document provides a complete overview and set of instructions. 

   Home Evaluation Protocols (PDF/156k): The Home Evaluation protocols describe The Road Home's methodology for determining the Estimated Cost of Damage that is used in The Road Home award calculation. These protocols are subject to change. Any changes to the protocols will be posted to this Web site. 

   Closing Documents: Download documents concerning the closing process. 

   Homeowner Program Policies (PDF/455k) The latest program policies as of January 4, 2008. 

  Under the Building Professionals tab you will find the Design and Construction portal brought to you by the LSU AgCenter and The Road Home, also accessible directly at http://dc.road2la.org/ The portal was created to help people restore or replace homes damaged by hurricanes Katrina and Rita in ways that build a safer, stronger, smarter Louisiana. The portal provides in depth insights into construction and repair considerations for remodeling or rebuilding your home. This website also provides insight into decision making about whether to repair, restore and live in the damaged home; to tear down the damaged home and build a new one on the same property; or to leave and build on a lot that has no structure or utilities in place. 

You can also find Road Home statistics by parish on the website. There are a couple of reports available to you:

   View the latest Road Home Situation and Pipeline Report (dated 1/3/07, PDF/519K) for detailed information about the weekly and cumulative activity of the Homeowner, Small Rental Property, and Hazard Mitigation Grant programs. 

   Download a full report of the Weekly Program Statistics (PDF/1MB) 

  Another valuable resource available is the Nonprofit Flyer.doc that provides agencies that can assist you with applicant's options letter, closing papers, legal or banking problems.
  Program Statistics as of January 8, 2008
          Applications recorded 
    185,106
      Total appointments held
    210,021
      Total first apppointments held
    168,003
      Total Advisory appointments held
    42,018
      Benefits calculated 
    153,957
      Benefits options letters sent
    145,273
      Options letters returned
    130,712
      Closings scheduled
    1,143
      Closings held
    90,848

  Best wishes,

  Melanie

  Melanie Ehrlich

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