$34 Million in New FEMA Loans Go to Storm-Tossed Shore Towns
Twelve storm-dented towns, boroughs and municipal entities in Ocean and Monmouth Counties are dividing $34,000,000 in low-cost loans newly-issued by the Federal Emergency Management Agency.
Toms River and Stafford Townships are receiving the maximum $5,000,000 sums. The Toms River Municipal Utilities Authority gets $4,679,306. Toms River Fire District One gets $1,550,078.
The awards announced this morning by Governor Christie's office differ from the yet-to-arrive Community Development Block Grants aimed at storm repairs authorized through Housing and Urban Development.
The FEMA loans address anticipated annual revenue decreases of five percent or higher. Among the criteria are taxable properties destroyed or damaged, taxable properties likely to be assessed at lower value on tax appeal, and drops in collections for property and hotel taxes, water and sewer service, parking meters, municipal court fees and even beach badge and boat ramp revenues.
The loans are low-interest and, in some cases, forgiveable. The application deadline is Wednesday, May 15.
Also sharing in the first round of loans in Ocean County: Mantoloking, $831,074; Little Egg Harbor, $4,319,506; Lavallette, $2,712,475.
Monmouth recipients include: Atlantic Highlands, $2,108,876; Keansburg, $3,954,766; Little Silver, $1,829,234; Oceanport, $1,154,931; Sea Bright, $1,297,273.