Why does the applicant have to hand over additional insurance proceeds received after their closing?
Additional federal assistance and insurance proceeds up to the amount of their Road Home award may be a duplication of benefits. Pursuant to federal statute and HUD requirement for the CDBG program, homeowner assistance may not duplicate any benefits received by the homeowner as a result of damages incurred during Hurricanes Katrina and Rita. Therefore, compensation from other sources, such as FEMA and insurance payments for damages, must be deducted from The Road Home compensation grant.
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- Why does the applicant have to hand over additional insurance proceeds received after their closing?
