U.S. Rep Gregory W. Meeks Welcomes NYC Build It Back’s New Reimbursement Policy for Homeowners
NEW YORK, NY – July 21, 2015 – (RealEstateRama) — Congressman Gregory Meeks released the following statement regarding New York City’s Build It Back program’s new policy initiatives regarding reimbursement for homeowners who received SBA loans in the aftermath of Super Storm Sandy:
“I am pleased that NYC Build It Back has changed the reimbursement policy for homeowners who received Small Business Administration loans in the aftermath of Super Storm Sandy. Previously, homeowners who drew down on Super Storm Sandy relief loans both have to pay back the loan, and have the amount of their loan deducted from their Build It Back grant. Some homeowners were penalized even if they declined their loan, for others, the reimbursements from other Sandy-related assistance homeowners were limited to 60 percent of the value of the work that qualified for aid from other survivor assistance programs.
“Under the new policy Build It Back will increase the reimbursements to up to 100 percent. In addition, Build It Back has also simplified the application process and made it easier for homeowners who declined SBA loans to demonstrate financial hardship.
“This change in policy is consistent with what I have advocated for some time. It removes a critical impediment to homeowners receiving additional federal aid for Sandy-related damage to their proprieties. As the third anniversary of Super Storm Sandy approaches, these changes will enable New Yorkers to broaden the scope and speed up the pace of rebuilding their homes and lives. I commend Mayor de Blasio’s leadership and commitment to creating a fair, inclusive, and responsive Build It Back program that puts survivors of Super Storm Sandy first.”
