Seaside Fire Aid Will Only Cover Cost Not Picked Up By Insurance, SBA

The Christie Administration announced this morning that government aid to assist businesses in recovering from the Seaside Boardwalk fire will only cover costs not reimbursed by insurance proceeds or by the Small Business Administration (SBA).

Governor Christie announced over the weekend that the New Jersey Economic Development Authority (EDA) will make $15 million in Community Development Block Grant Disaster Recovery monies available to affected businesses in the form of $50,000 grants and loans free of interest and principle payments for two years.

In announcement that the EDA will be providing CDBG-DR funding for debris removal assistance, the administration said, “the State will conduct an analysis of duplication of benefits and ensure that the CDBG-DR funds are used only to cover costs not already paid by other sources, such as insurance or SBA.  For the demolition of private structures, the state and/or municipality will place a lien on the property to enable recapture of any duplicative insurance proceeds, should they be paid later.”

Posted: September 16th, 2013 | Author: Art Gallagher | Filed under: Chris Christie, Christie Administration, Community Development Block Grant, EDA | Tags: CDBG, CDBG-DR, Christie Administration, Community Development Block Grant Disaster Recovery Action Plan, Community Development Block Grants, EDA, Seaside Fire | 2 Comments »

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