Economic Impact of Sandy: Observations from my senior advisor for HOPE Coalition America
"One to the challenges homeowners and owners of rental properties will have is insurance policies do not cover damages caused by flooding.
This means they will not have funds to repair properties. For homeowners this will result in a SBA loan, if they qualify, and a additional monthly payment and many rental property owners will not repair properties which will reduce the availability rental property.
The cost to rent a single family or multifamily unit could double, making available properties unaffordable to low and moderate income families."
Fred D. Smith, senior advisor to the chairman, HOPE Coalition America
HOPE Coalition America (HCA) is America’s First Line of Response for Financial Recovery.
HOPE Coalition America is the only financial emergency preparedness and recovery service in the country. Through partnerships with industry leaders in a wide range of industries spanning banking, financial services, insurance, social and community services, we provide financial and economic assistance to those affected by natural disasters.
On April 27th of 2011, we renewed our national partnership with FEMA to strengthen and expand the financial counseling resources available to help individuals and families prepare for disasters and recover in the shortest possible time. Services are available across the country and work to help people recover from disaster and BE PREPARED when disaster strikes. Check out the full FEMA event.