Oceanport Receives $1.1M in Community Disaster Loans

Oceanport has received over $1 million in Community Disaster Loans from FEMA, Congressman Frank Pallone announced on Tuesday evening.

The funds, totaling $1,154,931 will be used to carry on existing local government functions or for expanded municipal services to meet disaster-related needs, a release from Pallone states.

“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.”

Sea Bright, Keansburg and Atlantic Highlands also received Community Disaster Loans from FEMA, with Keansburg receiving the most funds with $3,954,766.

The program provides funds to a town in a designated disaster area that has suffered a substantial loss of tax and other revenue. Oceanport suffered severe damage from Hurricane Sandy in October, especially homes located along the borough's waterfront.

Oceanport has five years to pay off the loan, but has the option to extend the payment schedule to ten years.