People Before Ports
Finish Housing First
Saturday, December 22, 2007 1

Scope of the Problem
• Small Rental Housing
• Apartment Complexes
• Very Low Income
Housing (subset of
rental)
• Wind-Damaged Home
Owners
Saturday, December 22, 2007 2

Scope of the Problem
Small Rental Housing
47,013 units were damaged
42,187 single family rentals
damaged
MS CDBG plan replaces only
6,000 units
Saturday, December 22, 2007 3

Scope of the Problem
Multifamily Housing
15,457 units were damaged
7,081 units with major/severe
damage
MS LIHTC plan replaces only
5,700 units
Saturday, December 22, 2007 4

Scope of the Problem
Very Low Income Rental
VLI = working poor families
37,105 units damaged
11,914 severely damaged or
destroyed
MS LIHTC plan replaces only
5,700 units
Saturday, December 22, 2007 5

Scope of the Problem
Wind Damaged Homes
33,885 severely damaged or
destroyed by wind only
10,299 without wind insurance
MS Home Grants Deny All Relief
Saturday, December 22, 2007 6

Small Rental - $1.072 Billion
Damage Unmet Need
Level of Damage Units Units
33,215
limited
47,013
Total
9785
moderate
6,000
Units from CDBG
4013
severe
41,013
Unmet Need
47,013
total
Unit Cost Damage
Unmet Need Cost
Level of Damage Unit Cost Cost
$43,013,425
Limited
$1,295
Limited
$733,601,020
Moderate
$74,972
Moderate $545,836,221
Severe
$1,322,450,666
Total
$136,017
Severe
$250,000,000
Current Program
Unmet Need Cost $1,072,450,666
Before deductions for insurance or SBA
Saturday, December 22, 2007 7

Multifamily Rental - $257 Million
Damage Unmet Need
Level of Damage Units Units
8,376
limited
15,457
Total
5,102
moderate
5,730
Units from LIHTC
1,979
severe
9,727
Unmet Need
15,457
total
Unit Cost Damage
Unmet Need Cost
Level of Damage Unit Cost Cost
$10,846,920
Limited
$1,295
Limited
$382,507,144
Moderate
$74,972
Moderate $269,177,643
Severe
$662,531,707
Total
$136,017
Severe
$405,462,440
Less 5,730 Units
Unmet Need Cost $257,069,267
Before deductions for insurance or SBA
Saturday, December 22, 2007 8

Very Low Income Rental $726 Million
Damage Unmet Need
Units
Level of Damage
Units
25191
limited
37,105
Total
8535
moderate
5,730
Units from LIHTC
3379
severe
31,375
Unmet Need
37105
total
Unit Cost Estimate Unmet Need Cost
Unit Cost
Level of Damage Cost
$32,622,345
Limited
$1,295
Limited
$639,886,020
Moderate
$459,601,443
Severe
$74,972
Moderate
$1,132,109,808
Subtotal
$136,017
Severe $405,462,440
Less 5,730 units
Unmet Need $726,647,368
Before deductions for insurance or SBA
Saturday, December 22, 2007 9

Wind-Damaged Home Owners - $557 Million
Damage Uninsured Insured
Units Units Units
Level of Damage Level of Damage Level of Damage
105,741 39,419 66,322
limited limited limited
24,957 6,611 18,346
moderate moderate moderate
8,928 3,688 5,240
severe severe severe
139,626 49,718 89,908
total total total
Estimated Units With Moderate/Severe Damage: 33,885
Estimated LMI Units: 16,942
Unmet Need Cost
Unit Cost Estimate
Uninsured Insured Net of
Damage Uninsured Insured
Insurance $211,208,228 $269,245,896
Moderate
$1,144 $1,114 $0
Limited $259,174,200 $376,001,440
Severe
$470,382,428 $645,247,336
Total
$31,948 $34,676 $14,676
Moderate
$235,191,214 $322,623,668
Lower-Income
$70,275 $91,756 $71,756
Severe Total Unmet Need Cost $557 Million
Assumes average $20,000 insurance settlement
Saturday, December 22, 2007 10

Recap of Unmet Needs
Small Rental $1.072 Billion
Multifamily Rental $257 Million
Home Grants Wind $557 Million
Total $1.886 Billion
Target Lower Income Mississippians
Very Low Income Rental $726 Million
Lower Income Homeowners $557 Million
Total $1.283 Billion
Saturday, December 22, 2007 11

Sources:
FEMA Damage Assessment: February, 2006 Report, p. 12
Small Rental Damage
Multifamily Rental Damage
FEMA Damage Assessment: July 2007 Report, p. 7
Very Low Income Rental Damage Estimates
Homeowner Wind-damage Estimates
Unit Cost Estimates
Governor Barbour Press Release, September 18, 2007
Units from CDBG program
Units from Tax Credits
MS Department of Insurance Press Release June 16, 2006.
Estimate on Average Wind Insurance Payout
Notes on Calculations:
Small Rental
Current Program Dollar Value: MDA Small Rental Assistance Program, Final Plan, p. 2.
Multifamily Rental
Very Low Income Rental
“Less 5,730 Units” (1910*limited damage)+(1910*moderate damage)+(1910*severe damage)
Wind-damaged Homeowners - Lower Income
($470 million+$645 million) ÷ 2 = $557 million
Saturday, December 22, 2007 12