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Repair grants offered for rental properties with Sandy damage

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Please share this with anybody who own rental properties. Even the ones who got settlements were only paid on an Actual Cash Value basis, causing many of them to lose thousands of dollars. This may provide some relief.

Repair grants offered for rental properties with Sandy damage

Landlords who own rental housing that was damaged during Hurricane Sandy can now apply for a grant to help pay for repairs and even elevation.
The Department of Community Affairs announced Wednesday that applications were being accepted for the Landlord Rental Repair Program, which will provide grants of as much as $50,000 per apartment or house. Landlords who accept the grants must then rent their property year-round at low to moderate-income rental rates.

“Because rental property restoration is critical to the long-term health of our state after Superstorm Sandy, we are pleased to add the Landlord Rental Repair Program to our overall housing recovery efforts,” DCA Commissioner Richard E. Constable III, said in a news release.
Only rental properties with 25 or fewer units are eligible for the program and the apartment or house must have been damaged during the storm. The state will prioritize the grants for landlords with seven or fewer units, housing where mold infestation is still a problem and housing that will be used for residents with special needs.
Property owners who have rental units in the nine counties most affected by Sandy also will be prioritized, but the grants can be used for properties in all counties as long as those apartments or houses were damaged during the storm.
The $70 million program is paid for through the $1.8 billion Community Development Block Grant funding allocated to New Jersey out of the $60 billion disaster aid package approved by Congress in January. As many as 1,500 apartments or rental houses will be helped in the program, the DCA said.

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Report Here: Your Sandy Storm, Home and Flood Insurance Claim Experience

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flood-public adjusterI’d like to use this blog to compile & share actual experiences in the coming weeks and months. Please let us know the extent of your damage, what sort of adjuster came out to take a look at it and how was your experience with your adjuster. How long is it taking to get a full or partial estimate or settlement offer from your insurance company? Are you negotiating? Or are you using a public adjuster or a lawyer to represent you? Did you get a big check quickly? Are you thrilled with the result or not so much? Anything else you would care to share or spout off about?

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