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RestoreLA Duplication of Benefits from the Flood of 2016 - is means based

Posted on 6/17/19 at 9:25 pm
Posted by BeepNode
Lafayette
Member since Feb 2014
10005 posts
Posted on 6/17/19 at 9:25 pm
Any of you flood victim baws out there kind of bummed that you took out an SBA loan instead of just waiting on RestoreLA grant money?

I just read that HUD issued guidelines stating that families over 120% AMI will still have their SBA loans counted against them. They removed merely qualifying for a loan as a duplication of benefit, but not the actual loan itself.

INB4 bootstraps...
Posted by ell_13
Member since Apr 2013
88412 posts
Posted on 6/17/19 at 10:36 pm to
Not quite true. HUD’s official guidance isn’t out yet. This was merely a notification to LARestore that they can start paying out to those people with SBA loans below the 120% AMi threshold. If you’re above that, you can still be helped via exception and/or once everyone below that number gets their funds.

Also, if you declined the SBA loan, those potential funds that you never received no longer count as a DOB regardless of your income. This was the main fix that needed to take place.
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