Borough gets Sandy debt forgiveness from FEMA

0
468 views

LAVALLETTE — It appears that the borough will not have to pay back a multimillion dollar disaster loan from the federal government.

At the Nov. 14 borough council meeting, officials announced the Federal Emergency Management Agency [FEMA] has forgiven the borough for a $2.71 million Community Disaster Loan.

“FEMA … has given us written notification that the 100 percent loans that we had taken out during Superstorm Sandy have been forgiven,” Mayor Walter LaCicero announced of the funds granted through the Community Disaster Loan program the borough had participated in.

In a letter to the borough, Christopher Logan, director of the Public Assistance Division of FEMA, said the agency is canceling the loan in full due to the extensive damage sustained by the borough from Superstorm Sandy.

For more on this story, read The Ocean Star—on newsstands Friday or online in our e-Edition.