This morning, Mayor Michael Bloomberg outlined NYC’s new Hurricane Sandy Recovery plan, which shows how the allotted $1.77 billion in federal grants will be used. The funds will aid those suffering from the most damage through a series of eight programs that will not only help rebuild, but also get businesses back on their feet and help communities grow stronger through the reconstruction process. The eight programs will fall under three categories: housing recovery, business recovery and infrastructure resiliency.
Housing recovery will rebuild in three measures. For single family homes, $350 million will be allocated to help the 9,300 households whose homes were damaged or destroyed during the hurricane. $250 million will help the 12,790 multi-family units that were damaged or destroyed in the form of grants and low-interest loans. Public housing developments will also be upgraded with preventative measures, such as back up generators and other features thanks to a grant of $120 million.
For Sandy-ravaged businesses, a total of $185 million will help business owners get back on their feet. Small and mid-sized companies could be eligible for $100,000 investments, with $1 million set aside in resiliency investments for large companies. Low interest loans will also be available for affected businesses up to $150,000, as well as grants of up to $60,000. An extra $5 million will be allocated for “Race to the Top “ style competitions, which would invigorate and encourage projects featuring resiliency products and technologies to serve as models for other businesses to prevent future damage in natural disasters.
Finally, $140 million in funds will help reinforce the city’s infrastructure in the affected neighborhoods. To reinstate these areas as thriving centers, $100 million will go toward new projects such as attracting new or growing companies to help affected areas thrive economically. In addition to the economic incentive, $40 million will be awarded to projects that reinforce utilities such as liquid fuel networks, renewable energy systems and telecommunications.
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