New Jersey is receiving $55 million in new funding and additional financial relief from the federal government for homeowners still rebuilding after 2012's Superstorm Sandy.
Governor Phil Murphy says the federal government has approved the state’s request to remove the cap on access to Sandy-related funds.
“The $150,000 cap on grants that had been in place for the last six and a half years, which is a financial barrier that had stopped too many folks from being able to return home is now eliminated.”
The federal limit on the Rental Assistance Program has been increased from 21 to 40 months.
“Many already stressed families could’ve faced financial ruin by paying both a mortgage and rent while waiting for their primary residences to be reconstructed.”
In addition, the State Department of Community Affairs will reallocate $50 million federal dollars to create a Supplemental Fund for Sandy victims rebuilding their primary residence.