From the 2000 U.S. Census, the median value of homes in New Orleans is $87,300.00.
Specified owner-occupied units 74,407 100.0%
VALUE
Less than $50,000 9,204 12.4%
$50,000 to $99,999 35,535 47.8%
$100,000 to $149,999 12,778 17.2%
$150,000 to $199,999 6,775 9.1%
$200,000 to $299,999 5,246 7.1%
$300,000 to $499,999 3,170 4.3%
$500,000 to $999,999 1,466 2.0%
$1,000,000 or more 233 0.3%
Median (dollars) 87,300
In 2000, according to the Census Bureau, 60.2% of all homes in New Orleans had a value of less that $100,000.00. How many of the 20,000 homes fall into this category, I have no idea.
I have no problem helping my fellow citizens, I am concerned about how H.R. Bill 4100 is going to determing purchase price, see my post 135.
Example of my concern. If the Louisiana Recovery Corporation purchases a home for $75,000.00 (market value before Katrina), then levels the home, prepares the land...sewers, water, electricity for another say $15,000.00 totalling $90,000.00 for now what is just land. The Louisiana Recovery Corporation sells the property to a developer for $25,000.00 for a net loss of ($65,000.00). Who is going to pay this for this loss. Is this how it really is going to work.
I'm not against New Orleans residents getting help, I just what to know what H.R. 4100 is going to cost all of us before all is said and done. The emphasis of this thread was Bush was stalling the bill. After looking into the details of the Bill (see my previous posts on this thread), I have some reservations about this plan. Thats my opinion.
I am simply making an observation here in that there is not one word of disagreement about Mississippi paying their citizens $150,000 simply because Barbour is a republican with connections. What is the difference in Mississippi paying well over market value for the homes that were destroyed than Louisiana doing the same thing? They are using federal dollars to buy out the flooded homeowners who did not have flood insurance.
The purchase price to the agency would be 60% of pre-Katrina value. If this property is in an area where redevelopment is allowed, it will definitely be worth considerably more than the pre-Katrina level. The increase in property value, depending upon the circumstances at the time of redevelopment should be much closer to the overall purchase cost.