The Christie Administration recently unveiled its proposed Community Development Block Grant Disaster Recovery Action Plan, which outlines how the State plans to utilize $1,829,520,000 in federal funding. This is the first phase of Community Development Block Grant funds provided to New Jersey by the U.S. Department of Housing and Urban Development. Additional CDBG recovery funds are expected in the coming months. With this first phase of funding, the Christie Administration is focusing primarily on helping homeowners, renters, businesses and communities impacted by Superstorm Sandy.
To help New Jersey businesses, the Christie Administration is setting aside $500 million in funding for the New Jersey Economic Development Authority to administer the following activities:
- Small Business Grants of up to $50,000 to eligible businesses that sustained physical damage. A $300 million allocation will fund grants that can be used for purposes including rehabilitation, new construction, equipment, inventory, mitigation, refinancing and working capital among other uses.
- No-Interest Loans for Storm-Impacted Small Businesses ranging from $100,000 to $5 million for documented physical damage not covered by other sources. These loans are intended to assist eligible businesses that suffered physical damage, as well as spur economic revitalization by providing funding for expansion and new businesses in storm-impacted areas.
- Neighborhood And Community Revitalization Programs to provide funding of up to $10 million to help communities rebuild commercial areas with public facility improvements such as streetscapes, lighting, and sidewalks and undertake other activities critical to restoring and strengthening local economies, including micro-loans for storm-related damage and loan guarantees as well as façade and code-related improvements.
- A Tourism Marketing Campaign to promote storm-impacted businesses and shore communities by letting the nation know that New Jersey is recovering and that communities are open for business. The campaign funded at $25 million would also encourage New Jerseyans and tourists to shop local, thereby supporting companies that are operational.
The Chamber will continue to track and monitor the State’s delivery on their Action Plan and to publish updates to our Members. To view the Action Plan directly, visit the NJ Department of Community Affairs website.