N.Y. Announces $175M Fund to Cover Local Costs of Post-Sandy Rebuilding

July 24, 2014

New York Gov. Andrew Cuomo announced on Wednesday $175 million in funding to cover local governments’ costs to repair and rebuild infrastructure damaged by Superstorm Sandy.

When participating in FEMA’s Public Assistance (PA) program, local governments and public entities are required to cover 10 percent of the costs incurred as a result of federally declared disasters. For local governments and public entities eligible to receive Sandy funds outside of New York City, the total match cost is more than $175 million, of which $145 million will go to Nassau and Suffolk counties.

To ensure that these communities can continue with their recovery without the need to borrow funds, dip into emergency reserves, or pass the costs along to local taxpayers, Cuomo directed that state-allocated Community Development Block Grant – Disaster Relief (CDBG-DR) funds be used to cover the localities’ costs. This latest allocation of CDBG-DR funds will make up the difference and make public entities whole, the governor’s office stated.

“After the devastating storms New York has experienced over the past few years, the State has been partnering with communities to help them recover and build back better and stronger than before,” said Cuomo.

“Following Storms Irene and Lee, the State stepped up to cover the costs facing local governments,” said Cuomo. “Today we are pleased to announce that once again, we are going to help municipalities pay to rebuild, bolster critical infrastructure, and work to revive their local economies in the process.”

Related Articles:

NYC Sandy Rebuilding Is Now on Track, Mayor de Blasio Says
New York Lawmakers Pass Tax Relief Bill for Sandy Victims
Report: Superstorm Sandy’s Fallout Tough on Small Businesses

 

Subscribe Like this article?
Subscribe to our free email newsletter.

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features