Pallone Announces NJ Boroughs Receiving Direct Loans from FEMA
Washington, DC – Today, Congressman Frank Pallone, Jr. (NJ-06) announced that the boroughs of Keansburg, Atlantic Highlands, Oceanport and Sea Bright have received direct loans from the Federal Emergency Management Agency (FEMA) as part of the Community Disaster Loan (CDL) Program. These funds will be used to carry on existing local government functions or for expanded municipal services to meet disaster-related needs.
“These FEMA loans will help keep our local governments up and running after their budgets suffered big financial hits due to Sandy,” said Congressman Pallone. “New Jersey residents and homeowners have suffered too much due to this disaster, and I’m relieved that these funds will help make sure that basic municipal services are not jeopardized as well.”
The CDL Program provides funds to any eligible jurisdiction in a designated disaster area that has suffered a substantial loss of tax and other revenue. The jurisdiction must apply for the program and demonstrate a need for financial assistance to perform its governmental functions. The term of the loan is five years, and can be extended to ten years, with the applicant selecting the payment schedule.
The following loans have been disbursed:
- $3,954,766 to Borough of Keansburg
- $2,108,876 to Borough of Atlantic Highlands
- $1,154,931 to Borough of Oceanport
- $1,297,273 to Borough of Sea Bright