The Department of Housing and Urban Development has approved
The announcement came on the six-month anniversary of when the storm came ashore in the vicinity of Atlantic City.
On Jan. 29, President Obama signed the Disaster Relief Appropriations Act of 2013 into law, providing a total of $16 billion in CDBG Disaster Recovery funding. HUD has already allocated $5.4 billion to five states (including New Jersey) and New York City.
New Jersey submitted its required action plan describing how the funds will be used on March 27. The money can only be used to fulfill what is described as “unmet needs,” items not covered by Federal Emergency Management Agency funds, Small Business Administration loans, or private insurance.
The executive summary on the plan notes approximately 40,500 owners’ primary residences and over 15,600 rental units sustained “severe” or “major” damage.
There is a need for intermediate or long-term temporary rental housing and the cost of that is being impacted by limited supply and high demand, disproportionally affecting low- and moderate-income families.
The plan includes funds to assist homeowners to stay in their current properties and to rebuild them “safer and smarter." Another program in the plan will issue $600 million, in maximum awards of $150,000 per homeowner whose primary residences sustained substantial, severe or major damage from Sandy. The residence must be located in one of the nine most impacted counties in the state.
