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.”

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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