Governor Christie to Announce HUD Approval of NJ Sandy Action Plan

It is anticipated that today at a news conference with Governor Christie the Governor will announce HUD’s approval of the New Jersey Sandy CDBG DR Action Plan. This approval by HUD of the first tranche of $1.8 billion will pave the way for additional allocations by HUD which may total over $4 billion for New Jersey from a Congressional allocation of $16 billion in CDBG DR funds for Sandy and other natural disasters. Within the approved action plan there is an allocation of $75 million of funds for Neighborhood and Community Revitalization. This program will be administered through the New Jersey Economic Development Authority. Also the action plan provides for an allocation $100 million of funds for the New Jersey Housing and Mortgage Finance Agency. The New Jersey Housing and Mortgage Finance Agency will use these funds with allocations of Federal low income housing tax credits to fund affordable housing projects in counties affected by Super Storm Sandy.