Flood Victims May Need To Borrow Money To Repair Damages

Most of the money that Houghton County could get from FEMA will go toward repairing infrastructure, leaving home owners and businesses with flood damage looking for other forms of relief.

One option is to work with USDA Rural Development.

State Director Jason Allen says there are several programs available for private homeowners.  “We have housing specialists that can help with home repair and we have housing specialists who can help finance rebuilding of homes. We have a program, which would be a direct program that can lend money, and then we also have a guaranteed program working through our local banks,” said Allen.

Local business owners can also get help with damages not covered by flood insurance or by federal funds.

Allen said, “Then on the business side, we have a business guaranteed loan program which is designed for smaller communities. This acts with the local bank as the guarantor pledging assets, and then we can then allow for a longer financing of repair.”

Allen says more will be known as to how much help is available after FEMA has made its determination.

Residents should visit https://www.rd.usda.gov/mi for more information.