Kyrillos Praises Award of More Than $10 Million in FEMA Loans to Sandy-Devastated Local Governments in 13th District
Senator Joe Kyrillos (R-Monmouth) praised the Federal Emergency Management Agency (FEMA) for awarding more than $10.3 million in Community Disaster Loans to local governments in the 13th Legislative District that have suffered losses due to Hurricane Sandy.
“It’s tough for municipalities devastated by natural disasters to maintain balanced budgets and prevent property tax increases when they have to deal with the increased costs of responding to the emergency at the same time that tax revenues have declined due to homes that are damaged and destroyed, displaced residents and reduced tourism,” said Kyrillos. “That’s why the loans awarded by FEMA to local governments in Monmouth County are an important financial tool that will help our towns to maintain critical services without increasing the property tax burden on residents who are still struggling to rebuild from Hurricane Sandy.”
The Community Disaster Loans, which have a low interest rate and can be forgiven in certain circumstances, have been awarded to five towns in Monmouth County in the 13th Legislative District:
|County||Local Government||Loan Amount|
|Monmouth||Atlantic Highlands Borough||$2,108,876|
|Monmouth||Little Silver Borough||$1,829,234|
|Monmouth||Sea Bright Borough||$1,297,273|
Kyrillos noted that towns along the Jersey Shore may face financial hardship as they recover from Hurricane Sandy for a number of reasons, including: decreased property tax collections from properties that were damaged and destroyed resulting in reduced valuations; lower water/sewer collections; reduced tourism revenues, including parking, beach badge fees and hotel taxes; and a reduction in collections from other revenues sources.
“The local police department can’t shut down, the local firehouse can’t close, just because a storm reduced a town’s tax revenues,” added Kyrillos. “These are essential services that must be maintained, especially in the aftermath of a natural disaster. The $10 million of FEMA loans headed to Monmouth County will help our towns to bridge the financial gap until we are fully rebuilt and local tax revenues have recovered.”