Now that Congress has passed the $51 billion emergency aid package, Mayor Bloomberg is forging ahead with the recovery plans. The City will set aside $1.77 billion in federal funds dedicated to rebuilding homes, businesses, public housing and infrastructure that were damaged by Hurricane Sandy. Bloomberg did, however, warn that it could likely take a few months for the programs “to be approved and implemented.” Since the storm, the city, in conjunction with FEMA, has helped homeowners in New York through its Rapid Repairs Program.
In a press conference last week, Bloomberg announced that the city will create a $350 grant program to help owners of single-family homes rebuild residences that bore the brunt of the storm, and another $250 million dedicated to “enhance the resiliency” of multi-family housing units. New York City’s public housing sustained considerable damage during the storm, which resulted in up to $785 million in damage to 257 buildings in 32 housing developments. NYCHA will receive $120 million in aid to repair and prepare buildings for future storms by taking measures such as purchasing permanent emergency generators.
The city will also provide $100 million in grants to over 1,000 businesses affected by the storm. Businesses will be able to obtain loans of up to $150,000 and grants as large as $60,000. An additional $140 million will be spent on efforts to help build infrastructure for utilities and to jumpstart economic activity in the five business zones that are located in vulnerable areas.