President Bush asked Congress for an additional $19.8 billion in fiscal 2006 emergency appropriations to support Hurricane Katrina recovery efforts, and the Senate Banking Committee held a hearing on legislation to create a Louisiana Recovery Corporation (LRC) to redevelop storm-damaged areas. In related news, the Mortgage Bankers Association (MBA) estimated it would cost $8 billion to $10 billion to repair flood-damaged single-family properties in New Orleans. Bush's supplemental request includes $4.2 billion in community development block grant funds to help rebuild homes and communities in Louisiana, $202 million in disaster voucher program (DVP) funds, $1.3 billion for the Small Business Administration (SBA) disaster loan program, and $9.4 billion for Federal Emergency Management Agency (FEMA) disaster relief.
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