Sea Bright Gets $1.3M FEMA Loan

Sea Bright is about $1.3 million richer in its Hurricane Sandy recovery process.

The borough is one of four shore town receiving FEMA loans to "carry on existing local government functions or for expanded municipal services to meet disaster-related needs," Congressman Frank Pallone Jr. (D-6) announced on Tuesday.

The loans are administered directly from FEMA's Community Disaster Loan (CDL) Program.

To qualify for a CDL, a municipality must be in an area that has suffered significant loss of revenue, through its taxes and other means due to decreased property value and lack of business revenue from closings.

In applying for the five- to 10-year loan, with payments scheduled by the applicant, a municipality must demonstrate the need for the financial assistance in order for its government to function.

“These FEMA loans will help keep our local governments up and running after their budgets suffered big financial hits due to Sandy,” Pallone said in the release.  “New Jersey residents and homeowners have suffered too much due to this disaster, and I’m relieved that these funds will help make sure that basic municipal services are not jeopardized as well.”

In addition to Sea Bright receiving the $1,297,273 FEMA CDL loan, Keansburgh got the highest amount, or $3,954,766, Atlantic Highlands recieved $2,108,876 and Oceanport got $1,154,931.