Funding for Hurricane Milton And Helene Recovery

Two weeks after Helene, 1-in-100 year Hurricane Milton exacerbates damages in Florida, America's Second Most Valuable Real Estate Market 

(photo credit: Cody Reed)

Legend says that a Tocobagan blessing for sacred grounds in Tampa Bay has protected the area from hurricane devastation these last hundred years. Hurricane Milton put this charm to the biggest test yet, ultimately landing 60 miles south. Though that averted the catastrophic loss scenario of a direct hit on West Florida's most densely populated region of 3 million people, storm surge and vicious winds still inflicted damage from ripping off stadium roofing to leaving nearly 600,000 TECO customers without power in high 80 degree weather. This compounds misery from Helene's wreckage, which already damaged nearly 50,000 buildings and took 12 lives locally.

1-in-100 Year Hurricane Compounds Helene's Destruction

Early estimates price Milton's damage to Florida at $60 billion-75 billion, a state with $3.6 trillion worth of insured property and the nation's second most valuable residential housing market. The full scope of damages will be revealed once residents return from evacuation and file losses. Some homeowners in St. Petersburg, where Milton was a 1-in-1,000 year rainfall event, already faced total losses after Helene. More may join those ranks. 

Recovery Routes For Businesses And Homeowners  

For affected policyholders, the first line of recovery is to file claims for flood and homeowners insurance. However, many waterfront properties are uninsured because of their excessive risk exposure. Those homeowners and ones whose damages exceed insurance coverage may find relief in FEMA assistance and SBA disaster loans. 

Beyond Flood and Homeowners Insurance – Look to FEMA, HUD, and SBA

In the aftermath of Hurricane Helene, Americans felt abandoned by the perceived lack of federal resources to support survivors. While a $750 emergency credit line was the most publicized aid, the US government provides more holistic programs for disaster relief. DisasterAssistance.gov's application form guides applicants to available resources from employment to housing to food assistance. 

Additionally, the Department of Housing and Urban Development (HUD) offers several programs for homeowners:

• Section 203(h) provides mortgage insurance to buy or rebuild a primary home. 
• Section 203(k) provides mortgages to buy or refinance a home. 
• For structural repairs, a Limited 203(k) loan can cover up to $35,000 of work. 
• Mobile homeowners can find relief through the Title I Manufactured Home Loan program. 

Another powerful avenue of support comes from SBA physical damage loans. Homeowners may apply for up to a $500,000 loan (after insurance coverage) capped at 4% interest ‒ significantly less than market rates ‒ to replace or repair their primary home. Renters are eligible for up to $100,000 to replace or repair personal property. Qualified businesses may be eligible for up to $2 million at 4% interest for applicants unable to obtain credit elsewhere or 8% interest for applicants with higher credit worthiness. 

The Last Word: File for Disaster Relief

The Tocobagan charm held with Milton’s eye landing south of Tampa Bay, which averted a catastrophic direct hit scenario. But strong winds and stormy waters from Helene and Milton flooded many homes, leaving piles of debris still uncleared even nearly a month after. Federal programs exist to help hurricane affected residents recover. Affected homeowners, renters, and business owners should apply as soon as possible.