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BATON ROUGE, La. (AP) - Louisiana's $7.5 billion program to buy out homeowners or help them rebuild is going broke, the governor is warning in another crisis in the long-mired effort to rescue neighborhoods smashed by Hurricanes Katrina and Rita.
More than 130,000 applications for aid have been submitted under the troubled, federally funded Road Home program — about 30 percent more than initially expected.
Gov. Kathleen Blanco and Road Home officials now say they expect a shortfall of up to $3 billion, mostly because the grants that have been doled out for rebuilding so far are running much higher than originally projected.
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