unmet needs ports

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What is the overall damage level? What remains unsolved after subtracting MS's recovery programs? How to target lower-income needs?

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  • 1. People Before Ports Finish Housing First Saturday, December 22, 20071

2. Scope of the Problem Small Rental Housing Apartment Complexes Very Low Income Housing (subset of rental) Wind-Damaged Home Owners Saturday, December 22, 20072 3. Scope of the ProblemSmall Rental Housing 47,013 units were damaged 42,187 single family rentalsdamaged MS CDBG plan replaces only6,000 units Saturday, December 22, 20073 4. Scope of the Problem Multifamily Housing15,457 units were damaged7,081 units with major/severe damageMS LIHTC plan replaces only 5,700 units Saturday, December 22, 20074 5. Scope of the ProblemVery Low Income Rental VLI = working poor families 37,105 units damaged 11,914 severely damaged ordestroyed MS LIHTC plan replaces only5,700 units Saturday, December 22, 20075 6. Scope of the ProblemWind Damaged Homes 33,885 severely damaged ordestroyed by wind only 10,299 without wind insurance MS Home Grants Deny All Relief Saturday, December 22, 20076 7. Small Rental - $1.072 BillionDamage Unmet NeedLevel of DamageUnitsUnits33,215 limited 47,013 Total9785 moderate6,000 Units from CDBG4013 severe 41,013 Unmet Need47,013 total Unit Cost DamageUnmet Need CostLevel of DamageUnit CostCost$43,013,425 Limited$1,295 Limited $733,601,020 Moderate$74,972 Moderate$545,836,221 Severe $1,322,450,666 Total $136,017 Severe $250,000,000 Current Program Unmet Need Cost $1,072,450,666Before deductions for insurance or SBA Saturday, December 22, 20077 8. Multifamily Rental - $257 MillionDamage Unmet NeedLevel of DamageUnitsUnits8,376 limited 15,457 Total5,102 moderate5,730 Units from LIHTC1,979 severe9,727 Unmet Need15,457 total Unit Cost Damage Unmet Need CostLevel of DamageUnit Cost Cost$10,846,920 Limited$1,295 Limited$382,507,144 Moderate$74,972 Moderate $269,177,643 Severe$662,531,707 Total $136,017 Severe$405,462,440 Less 5,730 Units Unmet Need Cost$257,069,267 Before deductions for insurance or SBA Saturday, December 22, 2007 8 9. Very Low Income Rental $726 Million Damage Unmet NeedUnitsLevel of Damage Units 25191limited 37,105 Total8535moderate5,730 Units from LIHTC3379severe 31,375 Unmet Need 37105totalUnit Cost EstimateUnmet Need Cost Unit CostLevel of DamageCost$32,622,345 Limited$1,295 Limited $639,886,020 Moderate $459,601,443 Severe $74,972 Moderate $1,132,109,808 Subtotal$136,017 Severe$405,462,440 Less 5,730 units Unmet Need$726,647,368Before deductions for insurance or SBA Saturday, December 22, 20079 10. Wind-Damaged Home Owners - $557 MillionDamage UninsuredInsured Units UnitsUnits Level of DamageLevel of DamageLevel of Damage105,74139,419 66,322 limitedlimitedlimited 24,957 6,611 18,346 moderate moderate moderate 8,9283,6885,240 severe severe severe139,62649,718 89,908 totaltotaltotalEstimated Units With Moderate/Severe Damage: 33,885Estimated LMI Units: 16,942Unmet Need CostUnit Cost EstimateUninsuredInsured Net ofDamageUninsured InsuredInsurance$211,208,228 $269,245,896Moderate $1,144 $1,114 $0Limited$259,174,200 $376,001,440Severe $470,382,428 $645,247,336Total$31,948$34,676 $14,676Moderate $235,191,214 $322,623,668Lower-Income$70,275$91,756 $71,756SevereTotal Unmet Need Cost $557 Million Assumes average $20,000 insurance settlement Saturday, December 22, 2007 10 11. Recap of Unmet NeedsSmall Rental $1.072 BillionMultifamily Rental$257 Million Home Grants Wind $557 Million Total $1.886 BillionTarget Lower Income Mississippians Very Low Income Rental $726 Million Lower Income Homeowners$557 Million Total$1.283 BillionSaturday, December 22, 200711 12. Sources:FEMA Damage Assessment: February, 2006 Report, p. 12Small Rental DamageMultifamily Rental Damage FEMA Damage Assessment: July 2007 Report, p. 7Very Low Income Rental Damage EstimatesHomeowner Wind-damage EstimatesUnit Cost Estimates Governor Barbour Press Release, September 18, 2007Units from CDBG programUnits from Tax Credits MS Department of Insurance Press Release June 16, 2006.Estimate on Average Wind Insurance PayoutNotes on Calculations:Small RentalCurrent Program Dollar Value: MDA Small Rental Assistance Program, Final Plan, p. 2. Multifamily RentalVery Low Income RentalLess 5,730 Units (1910*limited damage)+(1910*moderate damage)+(1910*severe damage) Wind-damaged Homeowners - Lower Income($470 million+$645 million) 2 = $557 million Saturday, December 22, 2007 12

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