Nearly $700 million is missing and unaccounted for from a Hurricane Katrina relief fund set up to help victims who lost their homes and possessions last fall according to a report by ABC News.

"We have $700 million that we can't account for and that certainly did not go to elevating homes and preventing future damage from storms," said David Montoya, the inspector general of The Department of Housing and Urban Development.

The Department of Housing and Urban Development is investigating the matter and is "pressuring" Louisiana to find the missing money. Montoya said though that there is a "slim chance that they will get the money" back however.

Click here to read about what to do if your car has been flooded due to a hurricane.

"This is money we can't afford to lose," said Montoya. "This is money that we don't get back and this is money that we can't put toward other disaster victims."

This isn't the first time something like this has happened involving remodeling of homes since the Katrina disaster. A government investigation reports that 70 percent of the money collected by the Louisiana Road Home program, which allocated approximately $1 billion to help those in need, is gone.

Over 24,000 homeowners have accepted grants of at least $30,000 were unable to show they used the money to fix their houses.

Beacon of Hope, an organization designed to help New Orleans residents rebuild after Hurricane Katrina, worker Tina Marquardt said the people who received money from the Road Home Elevation Program should have been monitored to see if they were following the guidelines of the program.

"There needs to be a physical inspection of every property that received Road Home money," Marquardt said according to ABC. "It decreases the quality of life in the neighborhood. It's an eyesore and it decreases the value of your own property."

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