Rebuild Iowa Office

An update from the Rebuild Iowa Office:

Total disaster assistance approved for residents and governments in Iowa impacted by this year’s storms, tornadoes and flooding grew by more than $7.5 million this week. The additional funding was primarily due to increases in State/FEMA Public Assistance, U.S. Small Business Administration Loans and Disaster Unemployment Assistance.

More than 39,600 Iowans have registered with FEMA for disaster assistance and more than 35,000 Iowans have visited FEMA Disaster Recovery Centers around the state. Of the 85 Iowa counties eligible for federal assistance, 77 are eligible for both individual assistance and public assistance.

Below are the sources that make up the more than $1 billion in funding that has been obligated to the state of Iowa:

· $424 Million State/FEMA Public Assistance

· $247 Million U.S Small Business Administration Loans

· $133 Million State/FEMA Housing Assistance and Other Needs Assistance

· $85 Million 1st Round CDBG Disaster Funds

· $72 Million 2nd Round CDBG Disaster Funds

· $40 Million Start-up Funding for Jumpstart Iowa Housing and Business

· $37 Million Executive Council Action

· $25 Million Iowa Finance Authority tax credits

· $23 Million U.S. Department of Transportation Funds

· $18 Million Labor/Jobs Assistance

· $4 Million Economic Development/Transportation funds

· $5.5 million Disaster Unemployment Assistance

· $500,000 College Assistance to Families

JUMPSTART IOWA UPDATE

Of the more than $1 billion in funding, $85 million will be used for the Jumpstart Iowa Initiative. Jumpstart Iowa is a state housing and small business recovery initiative, announced by Governor Culver on Sept. 12. The state’s housing and small business assistance plan brings immediate assistance to Iowans still feeling the effects of this year’s natural disaster. The initial allocations were released to the councils of government and entitlement cities on Sept. 26, with checks flowing to individual Iowans days later. The Jumpstart Iowa Initiative is designed to allow homeowners and businesses to apply for forgivable loans to assist in business rebuilding, home repair and purchase, and interim-mortgage assistance. Below are the latest available figures for the Jumpstart Housing and Small Business Assistance programs statewide:

Jumpstart Housing Update (as of Nov. 13, 2008):

Total number of applicants: 3,337
Total amount requested in those applications: $42.2 million
Total number of applicants approved to-date: 483
Total amount obligated: $10 million
Total amount disbursed: $5 million
Average award: $20,698
Applications ineligible for the program: 186 (6 percent of total applicants)

Jumpstart Small Business Update (as of Nov. 13, 2008):

Total number of applicants: 659
Total amount requested in those applications: $91.2 million
Total number of applicants approved to-date: 419
Total amount obligated: $15 million
Total amount disbursed: $4.4 million
Average award: $35,000
Applications ineligible for the program: 87 (13 percent of total applicants)

During the month of November, print, billboard, radio and television announcements are directing Iowans to the Jumpstart Iowa Web site (jumpstart.iowa.gov) or to the toll-free number 1-866-849-0323 to find out more information about the program and how to apply for financial assistance.

For more information about available disaster assistance and the state’s recovery and rebuilding efforts, please visit the Rebuild Iowa Web site at www.rio.iowa.gov.