On the Sixth Anniversary of Superstorm Sandy, Governor Murphy and Lieutenant Governor Oliver Announce Major Changes to Superstorm Sandy Recovery Housing Programs
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Additional Funding to RREM and LMI Homeowner Rebuilding Program and Changes to Recoupment Policy Will Help Sandy-Impacted Homeowners Still Recovering from the Storm
Governor
"With these programs, our objective is to find a path forward for the homeowners who have not finished rebuilding and who find themselves stuck because they don't have the financial means to move ahead," said
For the approximately 1,200 homeowners in the RREM Program and the LMI Program who have not completed construction, DCA is proposing a zero-interest, forgivable loan to fully fund unmet needs above and beyond the maximum
"By supplementing the
"When right wing
"I could not be more thankful that now we have a productive partner in the Governor's office who
"Although six years have passed, we will never forget the pain of Superstorm Sandy and the impact it had on
"Six years ago, when Superstorm Sandy hit our coast, people lost their lives, homes and businesses were destroyed, and local infrastructure was devastated," said
The proposed loan would be uncapped, would require no monthly payments, and would be calculated based on the remaining work needed to finish the project, taking into account other funding sources available to homeowners such as flood insurance and
DCA must receive approval from the
Additionally, in instances where homeowners with completed projects are required to repay excess grant funds, they will now be eligible to apply to DCA for an extreme financial hardship allowance. If the hardship is granted, DCA will use a uniform test to evaluate the homeowner's ability to pay and may provide forgiveness of some or all the debt that remains to be paid. This includes homeowners who have lost their homes to foreclosure, the heirs of program participants who have died, and homeowners who have declared bankruptcy.
The RREM Program is the State's largest Superstorm Sandy housing recovery program. RREM provides grants to Sandy-impacted homeowners to cover rebuilding costs up to
For more information about DCA's Sandy recovery programs, go to https://www.renewjerseystronger.org/.
Wisconsin Economic Development Corp.: No-interest Loans Now Available for Southwestern Wisconsin Business Owners Affected by Flooding
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