In response to Governor Gavin Newsom’s revised state budget proposal released today, Los Angeles County Supervisor Kathryn Barger issued the following statement:
“Governor Newsom’s revised state budget proposal offers an encouraging sign for wildfire survivors who are still struggling to rebuild their lives and homes.
I appreciate Governor Newsom proposing a new $100 million Disaster Rebuilding Fund to help wildfire survivors access the financial tools they need to move forward. Many Eaton Fire survivors are under enormous pressure and strain right now, navigating rising rebuilding costs, insurance payouts that fall far short of what it actually takes to rebuild, and FEMA assistance caps that leave significant gaps uncovered.
My understanding is that while this funding would not provide direct cash assistance to homeowners, it could play an important role by facilitating access to private financing though an interest rate buy-down program and a loan loss guarantee program that would encourage lenders to finance rebuilding projects. These tools can make a meaningful difference for families who otherwise may not have access to the capital needed to rebuild.
If the Legislature approves this budget proposal, I will be looking to the state to provide timely and clear guidance so survivors fully understand how these resources can support their rebuilding efforts and what options will be available to them.
Recovery after a disaster is never easy, and there is still more work ahead. But every effort to expand access to rebuilding support helps ease the burden on survivors and brings families one step closer to returning home.”