In cases where a homeowner received or was approved for funding from other sources (such as FEMA or SBA) to repair his/her storm-damaged home, federal law requires those funds to be invested by the homeowner into home repair before the program may provide additional dollars.
Solution 1 (Program Managed Construction) – The “required escrow” funds referenced by your previously accepted award acknowledgment must be submitted to the program during your closing appointment in the form of a cashier's check. These funds are matched with your grant funds from the Restore program to ensure your repair/reconstruction project is fully funded and complete.
Solution 2 (Homeowner Managed Construction) – The “homeowner responsibility” amount referenced in your grant agreement is the amount of money you will need to spend on home repairs listed in your Estimated Cost of Repairs (ECR) prior to receiving program grant funds. Once the program inspects and confirms completion of items in your ECR totaling more than your homeowner responsibility, you will be able to receive grant funds. If you have completed repairs since the time of your damage assessment, the cost of those items may be reduced from your homeowner responsibility amount.
For more information, visit http://restore.la.gov/faqs/