Florida Relaunches Hurricane Michael Recovery Loan Program
Hurricane Michael caused immense devastation throughout Florida, and many of our citizens are still reeling. Michael was a Category 5 storm with sustained wind speeds of up to 160 miles an hour measured. The storm took at least 45 lives and left thousands of people homeless. Many Floridians have yet to recover from their incredible losses. Almost two years later, the Governor of Florida is relaunching the state’s Hurricane Michael Recovery Loan Program in its efforts to continue helping those Florida residents who were hit hardest by the storm.
The loan program will inject $10 million into assistance with home down-payments for residents in all the following counties:
All told, the funding will allow more than 660 Florida families to purchase new homes. The loan program first ran in 2019, and at that time, it provided $5 million in funding to more than 335 families for assistance with down payments.
The program’s loan offerings include below-market first mortgages with fixed rates for 30 years – with up to $15,000 per recipient for costs related to their down payment and their closing costs. The loans carry no interest and are not only non-amortizing but also forgivable at 20 percent per year over a 5-year period. Further, the Hurricane Michael Recovery Loan is fully forgivable for all active duty service members who are officially reassigned and need to sell their houses.
According to the National Oceanic and Atmospheric Administration (NOAA), Michael began as a run-of-the-mill weak tropical storm that developed slowly for about a week before it moved into the warm waters of the Gulf of Mexico where it rapidly intensified. Hurricane Michael first landed in the Panhandle with a sustained wind speed of 161 miles per hour. The resulting storm surge peaked at 14 feet – and wave action caused the water to rise even higher. The damage wrought and its immense power are highlighted by the following facts:
- The storm surges caused immense structural damage (sometimes reaching the second story of buildings) and washed out some roads.
- The storm surge cut new inlets into the peninsula (where there were none before).
- The high wind not only took out (or damaged) buildings and trees but also caused serious power outages.
The immense damage caused by Hurricane Michael is a testament to exactly how important the renewed loan program is to many Floridians.
Don’t Delay Consulting with an Experienced Panama City Insurance Claims Attorney
If your home or property suffered damage in Hurricane Michael – or any serious storm – the Panama City insurance claims attorneys at Ged Lawyers, LLP, have the experience, resources, and legal acumen to aggressively advocate for the compensation to which you are entitled and that you need to move forward post-storm. Your claim is important, so please don’t hesitate to contact us online or call us at 850-684-4000 for more information as soon as possible.