The Federal Emergency Management Agency ("FEMA") has fully forgiven the $5 million community disaster loan that it issued in 2013 to the Township of Brick, New Jersey.
Brick's mayor, John G. Ducey, announced the development in a statement that said, "This is great news for the taxpayers of Brick Township. The recovery from Superstorm Sandy has been a long and costly process for our community. The cancellation of the $5 million will remove a significant burden from our taxpayers, many of whom experienced tremendous loss during Sandy."
FEMA had previously rejected a request by the township to forgive the loan.
FEMA's evaluation of Brick Township's request to cancel the loan showed an operating deficit of $15,010,062 during the time period. The deficit was largely created in the immediate aftermath of Sandy and was due to expenses and loss of tax revenue.
Sandy hit New Jersey on October 29, 2012. Brick Township was one of the communities severely impacted by the storm.
Mayor Ducey said that he appreciated FEMA's reevaluation of Brick's cancellation request. "On behalf of the township and our taxpayers, I would like to thank FEMA for fully forgiving this loan. We did what was necessary after Sandy to start Brick Township on the path to recovery and the community disaster loan was a large part of that. With the loan forgiven, it is one more step in moving forward."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].