The Christie Administration unveiled its proposed Community Development Block Grant Disaster Recovery Action Plan, which outlines how the State plans to utilize $1,829,520,000 in federal funding.
Excerpts are below – Read the full article with this link to the state site: http://www.state.nj.us/governor/news/news/552013/approved/20130312c.html
Helping Families Return To Their Homes:
Assisting homeowners in the reconstruction, rehabilitation, and elevation of their homes and helping them prepare for future storms is a top priority of the Christie Administration’s rebuilding efforts. Superstorm Sandy caused an estimated $3.837 billion in damage to houses and apartments throughout the state, with over 86,700 units impacted. The Administration’s Plan proposes a variety of programs to meet the needs of displaced homeowners and renters whose primary residences were damaged by the storm.
Supporting Economic Recovery and Revitalization:
Economic recovery and revitalization is also a top priority of the Action Plan to restore communities and promote job growth. Businesses in the 113 municipalities most impacted by Superstorm Sandy incurred $382 million in commercial property loss and another $63.9 million in business interruption losses. To help New Jersey businesses, the Christie Administration is setting aside $500 million in funding for the New Jersey Economic Development Authority to administer.
Assisting Local Governments And Property Taxpayers:
While the housing and economic sectors are the central focus of this first allocation of CDBG Disaster Recovery funding, the Christie Administration also proposes to use funds to help local governments provide essential services after incurring unanticipated expenses caused by the storm that are not reimbursed by FEMA. The Action Plan proposes to allocate $116 million in funds.
Providing For New Jersey’s Most Vulnerable Citizens And Protecting Shore Communities:
Governor Christie is committed to helping low-to-moderate income families as well as vulnerable populations recover from Sandy. The Christie Administration is proposing a range of rental housing activities designed to replenish rental housing stock lost to Sandy, rehabilitate affordable rental units left uninhabitable by Sandy, and provide affordable housing for special needs populations.
The New Jersey Housing and Mortgage Finance Agency will administer rental housing and homebuyer assistance programs, which would be funded by at least $154 million. It is estimated the Action Plan’s rental development and rehabilitation programs will create 3,000 jobs and $500 million in economic activity.