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Texas to Receive $58 Million in Funds to Rebuild Following Hurricane Harvey

The storm clouds have clear and now so has some of the concern over rebuilding in Texas, following the devastating Hurricane Harvey that ripped through Houston. The Department of Housing and Urban Development has allocated $58 million in funds to help rebuild devastated areas.

"These funds come from the Community Development Block Grant disaster recovery program that HUD administers," according to National Mortgage News.

"Florida, Puerto Rico and the U.S Virgin Islands also suffered severe hurricane damage. But Texas was first and it has provided HUD with a recovery action plan that met the department's requirements, according to HUD assistant secretary Neal Rackleff."

Citizens of Houston took a huge hit and along with them, so to did Texas' housing stock. The grant should jumpstart a rebuild that would help return some of the lost housing stock.

"In 2015, Texas mortgage originations totaled $121 billion, including $33 billion in Houston, according to Home Mortgage Disclosure Act data," accordion got NMN.

"However, it appears only 15% to 20% of Houston homeowners have flood insurance."

While these funds will put things into motion, it will still be quite some time before the state and Houston in particular, are back up and running. This experience looks to wake homeowners up when it comes to purchasing flood insurance.

For more on the current funds being allocated to Texas, click on the image above.

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