NJ Offers Low-Interest Loans For March Flooding
WAYNE, NJ (CBSNewYork/AP) -- New Jersey is offering low-interest loans to homes and businesses that sustained flood damage in March.
At least 2,000 homes across New Jersey were evacuated as a result of the March floods, which also closed several major roadways. Wayne, Little Falls and Paterson were some of the areas hardest hit.
PHOTO GALLERY: Heavy Rains, Floods Ravage The Garden State, Westchester
The Federal Emergency Management Agency in April denied Gov. Chris Christie's request for a disaster declaration and aid. FEMA said more than 80 percent of the houses had flood insurance.
The state Small Business Administration will offer up to $200,000 to qualified property owners.
The number of homes in Wayne qualifying for federal buyouts under the Severe Repetitive Loss Program has more than doubled.
The federal government has set aside $18.4 million to buy 77 homes in the flood-prone region.
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