Stafford Township Awarded $5 Million in FEMA Disaster Loans

Stafford Township has been awarded $5 million in federal loan money to help stabilize a significant ratables base decrease caused by Superstorm Sandy's devastation. 

The Federal Emergency Management Agency loans are among the first issued in the Community Disaster Loan Program and were made to the township itself and Toms River's Municipal Utility Authority and Fire District No. 1, according to Gov. Chris Christie's office. 

"The Community Disaster Loan Program provides a vital source of assistance that will help our local governments maintain essential services," said Gov. Chris Christie in a statement Monday. "The program also helps prevent unsustainable increases in property tax and utility rates that would impede New Jersey’s recovery and compound the suffering already present in many communities."

Stafford Township was awarded the maximum loan amount of $5 million. More than $34 million was awarded to 10 municipalities in Ocean and Monmouth Counties in the first batch of loans. 

The program provides budget relief for local governments experiencing, or projected to experience, revenue losses greater than 5 percent of annual collections due to the impacts of Sandy, according to the governor's office.

Stafford Township was among the first municipalities to apply for the loan. 

The loans have a low interest rate and can be forgiven in certain circumstances. Toms River Business Administrator Paul Shives said at the time of Toms River's application that federal loans distributed after Hurricane Katrina were forgiven and not repaid. 

"While the funding comes in the form of a loan with a low interest rate, it makes sense to apply because loans are frequently forgiven and the money can be repaid at a time when residential and commercial properties have been rebuilt and day-to-day activity has returned to normal," said state Department of Community Affairs Commissioner Richard E. Constable III.

Those awarded loans are:

County

Local Governmental Entity

Loan Amount

Monmouth

Atlantic Highlands Borough

 $ 2,108,876

Monmouth

Keansburg Borough

 $ 3,954,766

Monmouth

Little Silver Borough

 $ 1,829,234

Monmouth

Oceanport Borough

$ 1,154,931

Monmouth

Sea Bright Borough

$ 1,297,273

Ocean

Lavallette Borough

 $ 2,712,475

Ocean

Little Egg Harbor

$ 4,319,506

Ocean

Mantoloking Borough

 $ 831,074

Ocean

Stafford Township

 $ 5,000,000

Ocean

Toms River Township

$ 5,000,000

Ocean

Toms River Municipal Utility Authority

$ 4,679,306

Ocean

Toms River Fire District No. 1

$ 1,550,078