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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 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...
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 on 6/17/19 at 10:36 pm to BeepNode
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.
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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