Pallone and Kim hold New Jersey Community Disaster Loan Forgiveness Press Conference


Pallone and Kim hold New Jersey Community Disaster Loan Forgiveness Press Conference

Toms River, NJ – Congressmen Frank Pallone, Jr. (NJ-06) and Andy Kim (NJ-03) held a press conference today on handing over outstanding balances on community disaster loans ( CDL) made to municipalities in New Jersey to help them recover from Superstorm Sandy. Pallone, Kim and Congresswoman Watson Coleman (NJ-12) got the loan canceled in a government operations bill the House passed and President Biden signed last week. Last year, the New Jersey delegation called for the cancellation of the unsettled loans. Currently, 18 New Jersey municipalities owe more than $ 25 million in community disaster loans that were issued after the storm.

“This is great news for the towns and cities of New Jersey who are still struggling to rebuild after the devastating effects of Super Storm Sandy almost nine years after hitting New Jersey. It is simply unfair to force New Jersey residents to shoulder the burden of paying the millions of dollars they need after a time of crisis, ” said Pallone. “I’m glad we were able to get a loan discount to the finish line. I will continue to work with the Biden administration to help homeowners who are still recovering from the storm and to ensure our state receives all the support it needs following Hurricane Ida. “

“I am proud to have fought and won over $ 12 million in total loan forgiveness for several towns and schools in Ocean County,” said Kim. “This month marks nine years since Super Storm Sandy devastated our communities. This relief is an important step in healing our communities, but there is still work ahead of us. I won’t stop fighting until every homeowner in my neighborhood gets the financial help they need.

“It’s great news that we got Sandy’s Community Disaster Loan for Cities canceled in the spending bill that House passed and President Biden enacted the law – my city, Stafford, has a community disaster loan. It is not only our cities that are being asked to repay disaster relief funding unfairly, it is also individuals like me. We hope that the individual recovery relief will be included in future bills and we are ready to work with the families affected by Ida to ensure that everyone goes home and whole ”, said Joe Mangino, board chairman of the New Jersey Organizing Project.

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