Don't hold your breath.
Money is power and there will be dump trucks of cash flowing to the area from the government (employed Americans). Those in power in N.O. and other areas will do everything possible to control the flow and allocation of funds (and likely cut a little slice for themselves). I expect the people (and school age children) of N.O. will be right back where they were 2 weeks ago - when this is all over. I also expect that we will hear stories of record setting corruption/ kickbacks /skimming in the coming years even with the best possible oversight from Washington.
I hate to admit it, but you're more likely to be right than I am.
I heard on the news tha the money raised by Clinton and Bush I will be given to the affected Govenors to use as they wish. That seems like a poor idea. It almost makes the Red Cross look good.