Conversation with Restore LA OCD-DRU to SBA Loan recipients with AMI below 120

FAQ#: 189 published 1-18-2020

NOTICE 1: From conversation with Restore LA OCD-DRU to SBA Loan recipients with AMI below 120%.

SBA Checks will not be issued to Solution 1 or Solution 2 homeowners unless their repair, reconstruction projects are complete. Solution 3 who have closed will process normally. This means you have signed your final grant paperwork. At that time the state will place you in a group to have the treasury department cut you a two party check.

"...the payments can’t be made until the project is complete, because any change to the grant award either by a deductive change order an additive change order or if elevation is added, if accommodations are added."

With this notice we have timelines.

Once you finalize your grant signing the state will within an estimated 10 days submit to the Treasure Department a payment request. This may be a batch item request and could be delayed based on total numbers waiting. This is not clear but it's expected to take 10 days from final grant signing.

Treasury Department may take 3 to 4 weeks to issue you the two party check that you will endorse and mail to SBA.

SBA will then process your payment and apply the payment to "Principle Only".

If the SBA needs to return money to you the SBA will submit a request to the Treasury department which will then take 3 to 4 weeks to send you the balance.

It is not known how quickly the SBA will process your returns at this time. We have ZERO homeowners processed for checks at this time which gives us no useful processing data and time tables. (12-13-2019)

 

Comment | Suggestion | Feedback

Secured Federal USDA Single Family Housing Repair Loans up to $40,000 for 20 years at 1 percent interest and Grants of up to $10,000.

FAQ#: 453 published 4-19-2022 1 min. 50 seconds read

Read


How to help homeowners with their construction projects without requiring a license in Louisiana ยง309. Construction Management [Formerly ยง119]

FAQ#: 456 published 4-19-2022 3 min. 35 seconds read

Read


What does disaster Unmet needs mean?

FAQ#: 457 published 4-18-2022 1 min. 25 seconds read

Read


SBA Reconsideration Loan: My home was hit by Hurricane Sally I am in need of an SBA loan to repair my home. Please reconsider my denied application.

FAQ#: 459 published 4-18-2022 2 min. 44 seconds read

Read


How to calculate your Wind, Snow, Tornado and Seismic risk assessment and apply that information to better home building.

FAQ#: 458 published 3-5-2022 2 min. 31 seconds read

Read


How do I know if my mortgage is federally backed or federally secured? COVID-19 Housing Assistance Program Appeals Process.

FAQ#: 460 published 1-13-2022 2 min. 50 seconds read

Read


Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)

FAQ#: 235 published 4-23-2020 updated 1-4-2022 4 min. 48 seconds read

Read


Reconsideration of Declined EIDL add Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.

FAQ#: 403 published 8-6-2020 updated 12-31-2021 1 min. 54 seconds read

Read


FEMA Resource for Substantially damaged homes

FAQ#: 384 published 4-25-2021 updated 12-31-2021 1 min. 27 seconds read

Read


Insurance company issued a two-party check for hurricane damage repairs but my mortgage handler is holding the money from me. Why are they doing this?

FAQ#: 455 published 12-30-2021 3 min. 44 seconds read

Read