Reports - Mississippi Renewal

48 | AFFORDABLE HOUSINGAFORDABLEHOUSINGIn Mississippi, more than134,000 homes received damageas a result of HurricaneKatrina. At least 65,000 werecompletely destroyed. Morethan 50,000 received flood damage, and35,000 of those homeowners had noflood insurance.While the hurricane’s winds and watersaffected everyone in its path, somewere affected more dramatically thanothers.The role of personal assets in enablingpeople to survive and recover isimportant, and the presence or absenceof assets, and insurance on those assets,will determine who can participate inthe long-term rebuilding of South Mississippi.For that reason, strategies for renewalmust closely consider approaches thatpromote asset-building among lowwealthfamilies and communities. Financialeducation, savings tools, and accessto non-predatory financial serviceswould help mitigate the challenges thatconfront many residents. As home ownershipis one of the primary means inwhich individuals build wealth, it is importantto target policies and fundingstreams that help low-income residentsbuy their own homes, repair them, andretain them when faced with incomedisruptions from crises such as nationaldisasters.To understand the need for such initiativeson behalf of low-wealth citizens,officials must consider the breadth anddepth of the challenges they face. Table1 highlights key socio-economic demographicsfor Mississippi as comparedto the rest of the nation.