Showing posts with label Hurrican Ida. Show all posts
Showing posts with label Hurrican Ida. Show all posts

Tuesday, February 22, 2022

Louisiana Will Receive $2.7 Billion for Levee Infrastructure Projects

 South Louisiana residents know the damage flooding can cause to the levee systems around the area during a hurricane. The Lousiana levee systems are very important to the area and its residents. Last month, it was announced that the area will receive $2.7 Billion towards completing the Morganza-to-the-Gulf hurricane levee system along with several dozen levees, flood control and other infrastructure projects.

Congress recently approved the two bills that provide the $2.7 billion, the Hurricane Ida Disaster Supplemental Appropriations bill approved in September and the Infrastructure Investment and Jobs Act approved in November.

The Coastal Protection and Restoration Authority has allowed $1.3 billion dollars in their annual 2023 budget which will be spent over 12 months beginning July 1. Included are 144 projects statewide, including $1 billion to be spent on the construction of 76 projects.

“After Louisiana suffered a direct hit from Hurricane Ida, I am pleased to see the Corps include over $1 billion for projects in Louisiana’s First Congressional District," Steve Scalise, R-Jefferson, who originally opposed the bill, said. "As our state’s recovery continues, I am committed to pushing the Corps to ensure South Louisiana has the resources necessary to restore and improve protection for our citizens and communities.”

"The federal funding released today builds on years of work by Congressman Scalise on these flood protection projects," replied spokesman Hunter Lovell. "Congressman Scalise, along with Congressman Garret Graves, secured the language in a House bill that allowed the Morganza-to-the-Gulf project to receive federal construction funding for the first time in its history."

The Morganza levee system already has received $12.5 million in 2020 and $19 million in 2021. The $378.5 million from the infrastructure bill is the largest federal contribution towards the level system. The Morganza levee is a 92-mile levee system. Because the state requires 35% to be matched for the federal funding, Louisiana, Terrebonne and Lafourche parishes have given $1 billion towards the construction.

The money allotted by the bill will also help pay to improve several floodgates which include Minors Canal Floodgate, Humble Canal Floodgate, and the Gulf Intracoastal Waterway East and West floodgates. It will also help redo the Lockport to Larose levee reach and the Reach A South levee.

The Southwest Coastal Louisiana Hurricane Projection will be allotted $125 million to help raise structures in Calcasieu, Cameron and Vermilion parishes. The program's goal is aimed at reducing flooding problems and restoring wetlands in areas south of Lake Charles.

Another $783 million will be given to the Corps to allow the hurricane levels in Plaquemines Parish to be elevated to levels able to withstand overtopping from storm surges with a 2% chance of occurring in any year. The West Shore Lake Pontchartrain levee will also receive $453 million which is slated to be completed by end of 2025.

The remaining funds will go to improvements to the Atchafalaya Basin floodway, repairs to levee slides at two Atchafalaya Basin locations, and for dredging of a shoaling area in the basin near Morgan City, build the Bayou Sale East-West tie-in, design and partially build drainage projects in Algiers and repairs to Mississippi River levees and channels throughout the state.

The New Orleans area will also get some of the money to help raise the area's levees. In the Corps budget for the area, the proposed to spend $3 billion over a 50 year period. This will help keep the levees raised to the 100-year surge protection level.

Click Here For the Source of the Information.

Monday, November 15, 2021

New Orleans Home Prices Future Outlook and Effect on the Economy

 


National industry leaders say that the housing market might slow down soon affecting the home price increases. Although this report looks negative, local New Orleans real estate specialists are confident the market will not go cold soon.

"I don't think weakness is the right word for what we'll see; I think it's going to be more a shift in gears," Missy Whittington, CEO of NOMAR, said.

The New Orleans housing market saw a considerable rise in the number of homes for sale this summer but the New Orleans Metropolitan Association of Realtors (NOMAR) September housing-market report predicted an increase in inventory which might bring a slow down in the market. This trend would slow down the price increase, which has not stopped rising in 114 months.

"A lot of buyers got beat up and decided to take a break," Local Agent Katie Witry said. "Now, we're about two weeks behind what is typically the secondbusiest time of year and we'll see how they react when the inventory comes onto the market. It's still a strong market but I see signs that prices are cooling a bit."

Due to Hurricane Ida and buyers frustrated with being priced out of the market, there was a pause in listings coming on the market. The hurricane could have driven some residents away from the area. Local experts feel that this was awash with some residents moving out due to the storms while others moved in.

"After a big storm there's always some people leaving and some moving in," said Witry, speaking on the sidelines of the New Orleans Metropolitan Association of Realtor's annual forecasting symposium.

According to forecasters, New Orleans metro area real estate has seen a 13% jump in single-family home prices this past year. They feel this push has been due to the pandemic wave. This has been seen through the residential real estate market nationwide. This has been due to the lack of inventory and buyer demand.

"The fundamentals of the market have not changed," said Paul Richard, broker at Latter & Blum who co-chaired this year's symposium. "If there is a headwind into 2022 it will be inflation and an uptick in interest rates, but then the jobs market has been improving and even most of the hospitality jobs are back."

Click Here For the Source of the Information.