Yesterday Governor Phil Murphy announces the end to RREM clawbacks and Additional funding for RREM applicants.
This deal came about because the the State of NJ (Governor Murphy’s office) and the Federal Government (Senator Menendez, Senator Booker and Congressman Pallone) worked together to re-allocate Sandy funding to help homeowners get back home.
Concerning the RREM clawbacks;
“Homeowners in RREM received letters from the state instructing them to pay back rebuilding grant money that, on review, the homeowner should not have received. In an admission that the process was unwieldy and confusing, Murphy said his administration would not seek to “clawback” those funds.” – Gov. Murphy
Read the full story here – https://www.app.com/story/news/politics/new-jersey/2018/10/29/hurricane-sandy-nj-phil-murphy-cory-booker-menendez-pallone/1808941002/?fbclid=IwAR0npm3H_4vnalVXIOuzgcwciTKsO_MGVqOhJlOJObP0ssUZmdoOnskKtZU
Concerning the Additional Funding:
“$50 million program Sandy survivors can tap to finish rebuilding their homes. Funding for the program originates from the 2013 Sandy relief package that Sen. Menendez fought tirelessly to pass through Congress. Through Gov. Murphy’s program, eligible homeowners can receive funds in the form of a zero-interest, no payment loan that is completely forgiven if the homeowner stays in their home for 15 years.”
Basically if you live in your home for 15 years you will not have to pay back a penny. If you move out in 5 years you will only have to pay back the pro-rated portion. This is a ZERO interest, ZERO payment as long as you live in the home. Read about it here https://www.menendez.senate.gov/news-and-events/press/6-years-after-sandy-booker-murphy-pallone-praise-menendez-celebrate-success-and-urge-congress-to-pass-menendezs-flood-insurance-reform-bill
Watch the full press conference here – https://www.app.com/videos/news/local/monmouth-county/sandy-recovery/2018/10/29/sandy-phil-murphy-new-loan-program-end-clawbacks/1810202002/
Thank you to the Murphy Administration, Senator Menendez, Senator Booker and Congressman Pallone.
We urge our members to “Remember in November”
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