Since the devastating floods that occurred throughout Louisiana this month, more than 20,000 people have been rescued from their homes. The state’s housing demand consequently skyrocketed, as displaced residents frantically search for new homes to accommodate their families. While thousands of flood victims seek new housing, however, the supply of homes for sale has remained low—and very competitive. Luckily, Louisiana has just introduced the following three housing options for flood victims:

1. Mobile home shelter: A mobile home shelter is offered to homeowners with over $17,000 in damages. It would be provided to the homeowner for up to 18 months.
2. Transitional shelter: This option allows homeowners to choose from a pre-determined list of hotels to stay in while they wait for their home to be restored.
3. Shelter at personal residence: This housing option would allow the homeowner to live at home while repairs are made to their house. It would expedite $15,000 in repairs so homeowners are quickly accommodated.

With these housing options, we hope that Louisiana residents can quickly recover and return to their homes. For additional housing finance options, or to learn more about the Louisiana housing market, contact one of our mortgage lenders today.