Cities on the Jersey Shore that still owe millions of dollars in Federal Emergency Management Agency loans as a result of Storm Sandy will get a well-deserved break – the loans have been canceled by the government.
“Save a million here, 2 million there and these municipalities are going a long way, and that’s money that can be better spent perhaps on mitigation efforts, resilience, elsewhere in the community.” where we can get the best thing for our buck, ”says Joe Mangino, Sandy survivor, of the NJ Organizing Project.
This means that towns like Toms River, Point Pleasant Beach, and Keansburg, which had to pay millions of dollars in loan repayments, can use that money elsewhere.
“It’s a big deal,” said Manasquan Mayor Ed Donovan. “This represents hundreds of thousands of dollars that we should have paid back, which we can now use for other projects and improvements needed at Manasquan. projects we need funding.
Last week, President Joe Biden signed a law forgiving what are known as community disaster loans, or CDLs, after the towns of Sandy received the loans to keep them able to do business and maintain a functioning government while dealing with the unprecedented disaster left by the storm.
The legislation received bipartisan support from New Jersey officials Andy Kim, Chris Smith and Frank Pallone. Currently, 18 cities in New Jersey owe $ 25 million in CDLs.
“It allows us to recover,” said Toms River Mayor Mo Hill. “We don’t have to pay it in the first place, and it will not be the burden of the taxpayer. We can use that from the municipal budget for other things that we have to come.“
Smith says the legislation enacted was part of an interim measure to prevent a government shutdown.