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Louisiana Governor Outlines Proposal to Rebuild After Hurricanes

Louisiana's governor has announced a long-awaited rebuilding proposal, almost six months after Hurricane Katrina and Hurricane Rita ravaged the U.S. state.

Governor Kathleen Blanco Monday said the state's $7.5 billion plan offers up to $150,000 to homeowners to repair, rebuild or relocate to a designated area.

Homeowners could also accept a buyout of 60 percent of the pre-storm value of their houses, not to exceed $150,000.

Officials say some 330,000 homes suffered damage, including more than 100,000 that were significantly damaged or destroyed.

Uninsured homeowners would also be covered under the plan, but would be subject to a 30 percent penalty.

Registration for the program would begin in March, but the proposal is dependent upon congressional approval of the funds.

Last week, the White House requested $4.2 billion in funding for Louisiana.

Some information for this report was provided by AP and Reuters.