The Department of Housing and Urban Development will provide $4.2 billion to finish funding for a $9 billion program aimed at rebuilding Hurricane Katrina-ravaged New Orleans. The program could provide up to $150,000 to homeowners to cover re-building costs not covered by insurance and FEMA grants, according to the Times-Picayune. About 123,000 homeowners may qualify for the money, but those who choose not to move back to their homes can only receive 60 percent of their homes’ value.
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