Latest news with #disasterrecovery
Yahoo
4 hours ago
- Business
- Yahoo
Senate pushes bill that would give disaster victims six months of mortgage relief as they rebuild
A new bill, introduced in the Senate on Thursday, aims to give natural disaster victims at least six months of mortgage relief – which comes as more Americans experience damage and loss from natural disasters and severe weather. Under the 'Mortgage Relief for Disaster Survivors Act,' homeowners with federally-backed loans located in areas declared disaster zones would be able to seek relief from paying mortgages for 180 days without accumulating interest or penalties. The legislation also gives people an opportunity to apply for a 180-day extension. Mortgage payments do not automatically pause in times of disaster. Those whose homes are destroyed or damaged can request their mortgage servicer to forbear their payments temporarily. But the uncertainty around mortgage forbearance can add more stress during a fraught time. Democratic Senators Adam Schiff of California, whose state sees deadly wildfires every year, and Michael Bennet of Colorado, whose state experiences wildfires and severe flooding, co-sponsored the bill. In a statement, Schiff said families in Los Angeles that were impacted by the wildfires in January are 'still struggling' to rebuild from the disaster. More than 9,000 homes were destroyed by the blazing fires that destroyed parts of the Pacific Palisades, Altadena, and other neighborhoods in and around Los Angeles. 'As natural disasters become more frequent due to climate change, it is critical that we pave a path to stability for homeowners in times of crisis,' Schiff said, adding that the issue impacts Republican-led and Democratic-led states. A near-identical bill was introduced in the House of Representatives earlier this year. Bennet's home state has also experienced its fair share of wildfires and other disasters. Residents in Boulder County lived through the most destructive fire in Colorado history in 2022 when the Marshall Fire broke out, destroying at least 1,000 homes and hundreds of other structures. 'Coloradans know all too well how difficult it is to pick up the pieces and move forward after catastrophic wildfires,' Bennet said in a statement. 'When mounting financial and emotional costs of recovery weigh on families, they should be able to take time to put their lives back together and rebuild their homes.' Mortgage delinquencies rise in the wake of a natural disaster, data from the Mortgage Bankers Association shows. In the fourth quarter of 2024, the delinquency rate rose six basis points from the third quarter and 10 basis points from the same time the previous year. The largest quarterly increases occurred in Florida, North Carolina, South Carolina, and Georgia, all of which experienced devastation after Hurricane Helene struck in September. The bill is endorsed by the Consumer Federation of America, National Consumer Law Center, National Low Income Housing Center, Consumer Watchdog, National Housing Law Project, and more.
The Independent
5 hours ago
- Business
- The Independent
Senate pushes bill that would give disaster victims six months of mortgage relief as they rebuild
A new bill, introduced in the Senate on Thursday, aims to give natural disaster victims at least six months of mortgage relief – which comes as more Americans experience damage and loss from natural disasters and severe weather. Under the 'Mortgage Relief for Disaster Survivors Act,' homeowners with federally-backed loans located in areas declared disaster zones would be able to seek relief from paying mortgages for 180 days without accumulating interest or penalties. The legislation also gives people an opportunity to apply for a 180-day extension. Mortgage payments do not automatically pause in times of disaster. Those whose homes are destroyed or damaged can request their mortgage servicer to forbear their payments temporarily. But the uncertainty around mortgage forbearance can add more stress during a fraught time. Democratic Senators Adam Schiff of California, whose state sees deadly wildfires every year, and Michael Bennet of Colorado, whose state experiences wildfires and severe flooding, co-sponsored the bill. In a statement, Schiff said families in Los Angeles that were impacted by the wildfires in January are 'still struggling' to rebuild from the disaster. More than 9,000 homes were destroyed by the blazing fires that destroyed parts of the Pacific Palisades, Altadena, and other neighborhoods in and around Los Angeles. 'As natural disasters become more frequent due to climate change, it is critical that we pave a path to stability for homeowners in times of crisis,' Schiff said, adding that the issue impacts Republican-led and Democratic-led states. A near-identical bill was introduced in the House of Representatives earlier this year. Bennet's home state has also experienced its fair share of wildfires and other disasters. Residents in Boulder County lived through the most destructive fire in Colorado history in 2022 when the Marshall Fire broke out, destroying at least 1,000 homes and hundreds of other structures. 'Coloradans know all too well how difficult it is to pick up the pieces and move forward after catastrophic wildfires,' Bennet said in a statement. 'When mounting financial and emotional costs of recovery weigh on families, they should be able to take time to put their lives back together and rebuild their homes.' Mortgage delinquencies rise in the wake of a natural disaster, data from the Mortgage Bankers Association shows. In the fourth quarter of 2024, the delinquency rate rose six basis points from the third quarter and 10 basis points from the same time the previous year. The largest quarterly increases occurred in Florida, North Carolina, South Carolina, and Georgia, all of which experienced devastation after Hurricane Helene struck in September. The bill is endorsed by the Consumer Federation of America, National Consumer Law Center, National Low Income Housing Center, Consumer Watchdog, National Housing Law Project, and more.
Forbes
3 days ago
- Business
- Forbes
Texas Floods Cause Rising Human, Economic Toll Across Communities
CENTER POINT, TEXAS - JULY 05: A damaged home with debris littered around the exterior sits on the ... More bank Guadalupe River on July 5, 2025 in Center Point, Texas. Heavy rainfall caused flooding along the Guadalupe River in central Texas with multiple fatalities reported. (Photo by) Industry analysts estimate that the July 4 weekend floods in Central Texas caused $1.1 billion in damage to residential buildings. Much of that cost will be borne by owners, since an estimated 98% of properties in an area known as 'Flash Flood Alley' lack flood insurance. As Texan legislators meet to discuss disaster recovery, among other issues, it's worth looking at resilience strategies and challenges for those owners who plan to rebuild their homes. Local Home Economics "A natural disaster like the recent flooding in Kerr County has long-lasting ramifications for the housing market beyond just the physical damage to property,' observes ATTOM Data CEO Rob Barber. 'Floods lead to immediate drops in home values that can last for years before a region fully recovers,' he adds. Barber notes that homeownership costs can increase at the same time, due to insurance price increases and other expenses, (many of which are increasing along with other consumer costs). The real estate data pro cites research showing that homeowners with damaged properties are more likely to relocate out of the area than rebuild. They're also less likely to own their next residence. 'Essentially, a natural disaster like this makes it harder in many different respects to be a homeowner in the area,' he notes. According to ATTOM reporting, median year over year figures for Kerr County single family home sales remained flat at $375,000. In the past two decades, this region has grown by close to 25%, from 43,649 residents in 2000 to 54,170 in 2020. (Current population, before the July floods loss, was estimated at 54,177.) According to Census data, 10.4% of local residents are veterans, a figure significantly higher than the statewide and national 6.1% veteran populations. The Veteran's Administration may be able to help with disaster recovery. Human Costs The July floods have claimed 135 lives across multiple counties, according to NBC-TV's Austin affiliate, and more than 38,600 residential structures, according to These are the quantifiable losses. Reggie Ferreira, director of Tulane University's School of Social Work's Disaster Resilience Leadership Academy, knows there are many losses that aren't. 'Home damage from flash flooding, even when repairable, can significantly impact emotions and create stress,' he shares. 'Apart from losing valuables and having to rebuild, there is often still a sense of fear associated with moving back into your house. Questions such as, is the house sturdy? Is there potential mold in the house? And how will such an event impact my family's health and my personal health?' The disruptions to daily life and the financial impact from repairs can lead to difficulties sleeping and what he calls an 'overall sense of hypervigilance regarding weather updates.' In addition to a temporary or permanent loss of shelter is the potential loss of cherished, irreplaceable belongings and feelings of safety. 'There's also the sense of helplessness, shame, and loss of identity, as the home often serves as a symbol of stability and personal history over time,' Ferreira adds. Rebuilding For Resilience Ted Caplow, a principal with Miami-based architecture, development and construction firm Caplow Manzano, knows a thing or two about designing for flooding. South Florida streets frequently flood when heavy rains hit the region, not to mention get deluged with storm surge during hurricane and tropical storm events. His firm has developed homebuilding concepts designed to withstand this risk. 'In South Florida, we elevate against storm surges; in Texas they elevate against floods,' he notes. While coastal tides and river currents differ, both can benefit from comparable construction methods, he points out. 'On the Florida coast, we build almost exclusively out of reinforced concrete because other materials don't offer the same strength. In Texas, concrete should also be preferred when rebuilding in flood zones, although foundations will be more demanding than they are for a wood home (concrete is heavier and less flexible). And the more elevation, the better,' he declares. (Reinforced concrete is also more tornado-resistant.) Elevation is crucial. 'We have found that raising a house a full story - about 10 feet - is more useful than any smaller lift, because the space under the house becomes a bonus to the property owner when it's tall enough to park a vehicle or shelter an outdoor living room and recreational area. Building stronger and higher are obvious measures,' Caplow comments, but adds, 'there is another aspect to resilience that is frequently overlooked: the inside of our homes need to be designed to get wet.' This is a key component to the firm's innovative resilience design, which it calls 'hypostruction,' meaning building with less. Less drywall, less cheap insulation, less chipboard and fiberboard, (which fall apart when wet), less carpeting and ground level wood flooring, less air conditioning ductwork and less wasted space in wall and ceiling cavities, (where he notes that damage is hard to detect in time to prevent problems) are core to the concept. 'By eliminating these common building practices (as we did at our WELL-certified, LEED-platinum home completed in 2024 and called CM1) we can 'harden' our homes from the inside out, ensuring that if the structure is strong enough to withstand the floodwaters, then the house will not just survive, but continue to be habitable once the waters recede.' He points out the contrast with traditionally built homes that become 'crumbling mold hazards' after a soaking, leading to displacement and financial burdens. Resilience Economics 'Building an elevated concrete house is more expensive than building a timber ("stick built") house at grade. However, it's probably an investment worth making, depending on local economics,' Caplow points out. (The median home in Dade County, where his firm is based, was $528,770 in May, according to Zillow, so significantly higher than Kerr County's median, and there are significantly more properties valued at a million-plus,) This might be feasible for homes directly along the flood-prone river banks, but there are other ways to make a home flood-resistant, he says. 'Replacing drywall with MgOx board, cement board, or high grade plywood paneling adds maybe 5% to the cost of a home. If a home has a concrete slab, then choosing polished concrete as a finish, at least on the ground floor, is frequently cheaper than any other flooring. Insulation can be approached a variety of ways both on the inside and outside surfaces of the building envelope. Some methods, such as adding loose fill perlite inside the cavities in a CMU block wall, are inexpensive. Finally, switching from central AC to mini-split units is usually a wash from a cost perspective, with the added bonus that mini-splits are more efficient in operation, saving on energy and power bills.' Conclusions The Floridian observes that every region is different and local teams understand the challenges in their area better than outsiders. (I reached out to several local homebuilding professionals, but none were available to respond by deadline.) 'Keeping that notion in mind, I would say that the hypostruction concept is still portable. Instead of just looking at the outside, I would urge Texans to also focus on potential changes in the indoor materials, particularly a reduction in drywall, wood flooring, and other vulnerable materials in the bottom four or five feet of the first floor of a house. Floods can come in many forms, and not all floods carry the house away tragically, but all floods have a high cost in human time, energy, and quality of life. Waterproofing the most vulnerable and repeatedly ruined parts of our homes only makes sense.' ***Author's Note: All interviews were conducted by email between July 14 and July 23.
Yahoo
3 days ago
- Business
- Yahoo
Australian Business Archistar Powers LA Wildfire Rebuild with Groundbreaking AI Technology
SYDNEY, July 29, 2025 /PRNewswire/ -- Sydney-based property technology company Archistar has officially launched its award-winning eCheck platform in partnership with the City of Los Angeles, LA County and City of Malibu, delivering a cutting-edge AI solution to fast-track rebuilding efforts in the wake of California's devastating wildfires. This milestone comes on the heels of a strategic partnership with the International Code Council (ICC), reinforcing eCheck's role as a trusted global solution for modernizing building approvals. This landmark collaboration with Los Angeles - unveiled by Governor Gavin Newsom - sees Archistar join forces with LA's city and county governments to deploy artificial intelligence at scale for the first time in California's disaster recovery history. "The current pace of issuing permits locally is not meeting the magnitude of the challenge we face," said Governor Newsom. "To help boost local progress, California is partnering with the tech sector and community leaders to give local governments more tools to rebuild faster and more effectively." A California First with Global Impact With thousands of homes and structures lost across Los Angeles, the eCheck platform is enabling homeowners, builders, and architects to pre-validate building designs against local codes before submission - ensuring faster, more accurate, and less error-prone applications. Using generative AI, computer vision, and machine learning, Archistar's technology reduces the need for manual assessments, eliminating delays caused by incomplete or non-compliant plans. By automating code compliance, local governments can now process permits with unprecedented speed and confidence. "We are proud to be at the forefront of California's wildfire recovery," said Dr. Benjamin Coorey, Founder & CEO of Archistar. "This partnership with Los Angeles demonstrates what's possible when governments embrace smart technology to serve their communities better. eCheck helps cut through red tape and gets families rebuilding faster — when they need it most." Transforming Cities Across the Globe The City of Los Angeles, LA County and City of Malibu now join a network of over 30 global municipalities and local governments using Archistar's AI solutions to streamline compliance and building approvals. These include Vancouver, Austin, New York, and state departments across Colorado and British Columbia. Strengthening this global footprint, Archistar recently announced a strategic partnership with the International Code Council (ICC). Through this collaboration, eCheck is now seamlessly integrated with ICC's Code Connect API®, allowing cities to automate code compliance checks with greater speed, consistency, and trust. The move follows a successful pilot with 11 U.S. jurisdictions and reinforces Archistar's role as a leader in the next generation of digital permitting. By embracing innovative tools like eCheck, these governments are creating smarter, more transparent approval systems that deliver better outcomes for residents, planners, and city staff - and help address urgent housing supply and resilience challenges worldwide. Built in Australia, Built for the World Headquartered in Sydney, Archistar is a world leader in AI-driven planning and compliance solutions. The company's eCheck technology is trusted by city governments, planning departments, and property professionals to digitize complex codes, accelerate approvals, and power smarter development. The LA launch was made possible through the combined efforts of Archistar, Autodesk, Amazon, Steadfast LA, and the LA Rises initiative — showcasing how public and private sectors can collaborate to deliver real-world impact. View original content to download multimedia: SOURCE Archistar
CBS News
3 days ago
- Entertainment
- CBS News
CBS Texas flood relief benefit set for Sunday, Aug. 3: What to know about the show
Join CBS News Texas and Chef Tim Love – in person or virtually – for a benefit show to help Hill Country rebuild after flash floods devastated the region and claimed the lives of 137 people, including 37 children. Homes, stores and roads were washed away, causing an estimated $18-22 billion in damages across Central Texas. On Sunday, Aug. 3, CBS News Texas invites you to a night of music and storytelling to raise funds for flood relief. Join us in person at the Fort Worth Stockyards or show your support by live-streaming the benefit. Read on for all the details. The show is on Sunday, Aug. 3, at Tannahill's Tavern & Music Hall in the Fort Worth Stockyards from 6 to 10 p.m. CST. Doors will open at 5 p.m. CBS Texas anchor Madison Sawyer is hosting the event, with appearances throughout the night from anchors Nicole Baker and Ken Molestina. Tickets start at $64.02 and can be purchased here. The show's lineup includes performances from Amanda Shires, Coffey Anderson, Grady Spencer, Nate Burnham and David Tribble. We'll also have a special appearance by Annabel Dywer, a Nashville-based musician who grew up going to camp along the Guadalupe River, near Camp Mystic. After the devastating floods, she took to Instagram to share a tribute song for the victims, which she'll perform at the event. Viewers can also participate in an online silent auction featuring signed memorabilia, fan experiences and getaway packages. Some of the biggest prizes up for auction: a VIP suite experience for 15 people at a Dallas Cowboys game, a two-night stay at the Great Wolf Lodge, and a Stetson hat signed by Randy Travis. Browse what's up for auction and place your bids here. We also encourage you to donate to our flood relief efforts under the "cash donation" section. The concert will air live on the CBS News Texas streaming channel and on CBS Stations streaming channels across the U.S. Download the CBS News app on your connected TV or cellphone and navigate to the CBS News Texas channel to watch live. You can also watch the show live on YouTube, Facebook and TikTok.
