Oceanport Officials Spell Out Recovery Financing Options

From the Borough of Oceanport:

ATTENTION OCEANPORT RESIDENTS

Super Storm Sandy – Oceanport Recovery/Rebuild

The Borough realizes that if your home was damaged as a result of Super Storm Sandy, you have difficult decisions moving forward.  The information below is provided to help you in this decision process.  One of the ways the Borough is seeking to assist residents is through a Hazard Mitigation Grant Application.  If you are interested in having your property as part of the application it is imperative that you contact the Borough Administrator/Clerk’s office no later than January 31^st. 

Important information about available Financing for repairs and flood mitigation

Low interest Loans

Low interest loans for residential and commercial properties are available through the U.S. Small Business Administration to assist the property owners in repairing and elevating structures.  Application deadline is January 30^th. Residents are strongly encouraged to submit the loan applications even if they are unsure if they will use the funds as they can later decline them.  Additional information is available on the FEMA web site.

Insurance

Increased Cost of Compliance (ICC) Assistance

If the damage to your home/business was in excess of 50% of the market value of the structure then you were “Substantially Damaged”.  If you have Flood Insurance you may be eligible for up to $30,000 of coverage toward the cost of elevating the existing structure or replacing it with one at the proper elevation.  The ICC coverage is part of your flood insurance policy; please contact your insurance broker to determine if this is available.

The first step toward obtaining the ICC funds is to contact the Construction Department at 732-222-0641 to request an inspection.  The inspection must be performed before the repair work progresses to a point that the determination cannot be made.   If the Construction Official determines that you were substantially damaged he will provide you with a letter which is to be submitted to your insurance broker for processing by your insurance company.

Grants

The Borough of Oceanport is preparing an application to the Hazard Mitigation Grant Program on behalf of the residents to receive Federal funds to elevate dwellings.  The total amount of funding has not been determined.  The grant will cover up to 75% of the cost to elevate a dwelling.  The property owner will be responsible for the remaining 25% which may be offset by the ICC,  however there are other requirements that must be met to use the ICC funds in this manner.

Residents interested in being considered for inclusion in the HMGP application should contact the Borough Clerk at 732-222-8221 by January 31, 2013

Please note:  All property owners of dwelling  that were substantially damaged are required to elevate the structure to two feet above the Base Flood Elevation.  Any questions regarding the Base Flood Elevation should be directed to the Borough Engineer, Bill White at 732-383-1950.