Sandy Assistance Streamlined for Developers and Landlords

The effort is intended to speed access to financing and accelerate recovery efforts in areas affected by Sandy.

The Federal Housing Administration will speed the approval of applications made by owners of multi-family apartments in New York and New Jersey looking to refinance mortgages, substantially rehabilitate their properties, or construct new developments in Hurricane Sandy-impacted areas, U.S. Housing and Urban Development Secretary Shaun Donovan said in a release. 

According to a release, the order is effective immediately. The streamlined approval process, by design, is intended to accelerate access to mortgage financing for apartment owners and to facilitate recovery in the multi-family residential sector.

From a release:

December 7, 2012, the President issued an Executive Order establishing the Hurricane Sandy Rebuilding Task Force and directed Donovan to lead the Task Force and, to the extent permitted by law, align relevant programs and authorities with a long-term rebuilding plan that supports the region’s economic vitality, enhance infrastructure, and ensure appropriate accountability.

“Today’s announcement is intended to make certain that those multifamily apartment owners in New York and New Jersey get priority treatment when applying for FHA-insured mortgages,” Donovan said in a release. “We have to do everything we can to support the long-term rebuilding efforts in these impacted areas to the greatest degree we can and this is one way we can.”

proud February 14, 2013 at 11:29 AM
In a lot of ways, this makes sense. If thousands of residents are going to be pushed out of their homes,they will need housing. To facilitate this, the landlords and developers NEED to be propped up ( prioritized). The Feds can figure out the rest later wwwFacebook.com/StopFemaNow
Forked River Piney February 14, 2013 at 12:07 PM
Frankie you love the round guy in Trenton you are a republicon who voted for Mittens who said Fema was immoral
foggyworld February 14, 2013 at 08:38 PM
Many homeowners want to repair and rebuild and they deserve to have that red tape lifted just as much if not more than those who are in business and haven't lost their own homes.
Ali Kraft February 14, 2013 at 08:50 PM
Yea ok sure. My "substantially damaged home" is a small ranch on the lagoon. We cannot live there at present. Lets see, it will cost about $60,000 to raise it and put the piling underneath at least cause we are in the "v" zone, about $80,000 to put it back the way it was inside and out. I owe $290,000 on the mortgage. The flood insurance rates will go up no matter what we do, albiet not as much if we do not raise it. The old Aerosmith song song, " Walk this Way" is what we decided to do, as in, walk away.
proud February 14, 2013 at 09:48 PM
That is the conundrum @AliCraft, what does one do? I would like to make an informed decision, but can't get any qualified information from FEMA or the NFIP. Walking your way is not an option for me. If more and more property owners follow in your footsteps, here comes housing bubble number 2, and the ripple associated with it. So much for any economic recovery anytime soon. It's like Deja Vu all over again. Facebook.com/StopFemaNow
Laura S. River February 14, 2013 at 10:05 PM
Proud, Think about that posters case. They will be into that home for about $430,000 if they go forward with the new regs. No way, no how is a small lagoon ranch worth almost a half a millon dollars anytime soon or in my life time for that matter.Lucky it's worth 100k now. and I said lucky in it's current condition accoring to the post.
Sue February 14, 2013 at 10:15 PM
If we can't raise our house ($60,000+ even if we had yard space to move it aside for pile-driving)... and we can't afford $30,000 per year for insurance premiums... and we can't sell it (who'd buy it with those huge extra costs?), we'll ABANDON it when it's foreclosed. Tens of thousands of others will do the same -- along the entire coastline. FEMA has caused more damage than the storm ever did! Come to the meeting Sat. Feb. 23rd, 3-4 PM, at Belly Busters Restaurant, 708 Fischer Blvd., Toms River. More info at Facebook.com/StopFemaNow
proud February 14, 2013 at 10:30 PM
I understand and agree with you @Linda S. River and feel very badly for @AliCraft and all of us affected.
Dave February 14, 2013 at 10:52 PM
Found out it has to be for 5 or more units, wish they would put more details in this article.
Brad February 14, 2013 at 11:11 PM
Sue, The problem: or maybe not the problem for the homeowner is that in NJ if you muster up a good attorney. The bank will not get your home for over three years at least. So what is the world will some of these homes look like years from now when the bank does come a knocking if they are somewhat redone, not raised, partialy remediated or just plain not touched at all.
jerseytomato February 16, 2013 at 12:12 PM
Ali Kraft - many will be forced into your same circumstance. I understand the Amish are raising homes in the neighborhood of twenty to thirty thousand. Not cheap, but cheaper than what you had been quoted. Many will be walking away from their homes, for the very reasons you stated. Proud - the second housing bubble is already here.
proud February 17, 2013 at 08:21 PM
And the homeowners become the sacrificial lambs. Watch the following video entitled homeless in Seaside Park: www.youtube.com/all_comments?v=GbF8q19wodE
Bob Short February 18, 2013 at 06:53 PM
What about the FEMA CAMPS - http://rationalwiki.org/wiki/FEMA_concentration_camps http://www.thecommonsenseshow.com/2012/11/12/cbs-news-admits-fema-camps-are-real/


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