$20 Million To Help Fill 'Gap' For Marshall Fire Victims
BOULDER, Colo. (CBS4) - Almost three months after the Marshall Fire destroyed more than 1,000 homes and businesses, the Community Foundation has come up with a plan on how to allocate most of the remaining monetary donations people gave for fire victims. More than $30 million was donated; $8 million of that was previously distributed.
For those who want to rebuild after losing their homes, $20 million from the donations, still in the fund, will be directed to help them. The foundation keeps 2% to administer the fund.
Tatiana Hernandez, CEO of the foundation, told CBS4, "We understand that underinsurance is a big issue in our community as it has been in other communities in Colorado and California after an event of this magnitude."
The money she says will go to fill the gap for those whose insurance will not cover the cost of rebuilding. That is due to increased labor costs and supply price increases. The problem at this point is how to get the money to them.
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"So that part we are still working out with our partners that I'm so grateful that there is an incredible community of local partners that want the same thing. We want to make this as easy as possible."
Hernandez explained previously that IRS rules prohibit the foundation from giving the money directly to fire victims. She says they are trying to create a one stop agency to distribute the money.
Besides $20 million for rebuilding, $2 million is being put toward debris removal that insurance or FEMA won't cover. There's also money for unmet basic need and more.
Two weeks ago, Raina Pomeroy with the victims group Marshall Together told CBS4 filling the gap through the donations was a key issue.
"So many of our community members are underinsured. We did a survey and found 86% were underinsured and 11% believed they would be underinsured," Pomeroy said.
The houses remain less than shells of what they once were. The hope is the generoisty of others will help rebuild them.
