REPORT: $700 Million In Katrina Relief Money Went Missing...

April 03, 2013



​AP

(Yahoo! News) - Where did all the money go?

“Your guess is as good as mine,” David Montoya, the inspector general of the Department of Housing and Urban Development, says of $700 million in missing taxpayer money that Louisiana homeowners were given in the wake of Hurricane Katrina to elevate and protect their homes from future storms.

A new report released from the inspector general’s office shows that more than 24,000 homeowners who received grants of up to $30,000 to elevate their homes either misspent or pocketed the money.

“The fact of the matter is that the money they received was for a specific purpose and the specific purpose was to elevate these homes to avoid future catastrophes,” Montoya tells Power Players.

He rates the home elevation program as little more than a complete failure.

“Considering there was just under $1 billion earmarked for this particular program and there's $700 million that wasn't used for that, I’d give it a very low D,” he says. Read more via Yahoo! News...