From the Road Home Web Site FAQ;
"Road Home compensation benefits are determined by calculating the lesser of the uncompensated damage cost or the uncompensated loss of value up to $150,000."The Road Home Grant calculation can be expressed in a fairly simple formula;
- G = The Road Home Grant.
- V = The Pre Storm Value.
- R = The Cost of the Repair.
- C = The total received from Property, Flood Insurance and Other Compensation.
The Cost of Repair is remarkably constant at $110-$130 per square foot. Most of the houses I have information on were merely flooded and had little wind damage. The cost of repair varies very little, there are a couple of exceptions with values in the $60-$70 per square foot range. These houses might be two story houses which didn't flood above the first floor. If that is the case the figures are even more constant. This is also consistent with press reports and public statements by LRA officials.
The Pre-Storm Value varies significantly more. The thing is, it seems fairly consistent within a neighborhood. I find that where there are clusters or even a couple of houses in a neighborhood the square foot value is consistent and generally below what I thought the market was. I really don't have enough information to generalize beyond that.