Superstorm Sandy relief summary regarding federal funding from HUD

In March, President Obama signed congressional legislation entitled H.R. 152, the Disaster Relief Appropriations Act of 2013. The act authorizes the federal government to appropriate approximately $50.7 billion in relief funding in the wake of Superstorm Sandy. This $50 billion relief package includes $16 billion for HUD spending on business and residential recovery and restoration of infrastructure. New York City and New York State have each presented Action Plans as to their proposed use of the first $5.5 billion of these funds. The Action Plans are subject to public comment, after which HUD will proceed to release money, expected to begin this summer. New York City has earmarked its initial allocation as follows: * $720 million for housing; * $325 million: business relief: $80 million - grants and loans to small business; $100 million - resiliency investments (eg, to move building mechanical equipment above grade); $100 million - "neighborhood game changer investment competition;" and $45 million - "infrastructure and building resiliency technology competition;" * $400 million: infrastructure repairs/improvements; * $327 million: additional resiliency investments; * 5% administration; * 15% planning. New York State has earmarked its initial allocation as follows: * $788 million: housing (including voluntary home buy-outs); * $415 million: business relief, including: grants and loans, consulting and mentoring, coastal fishing grants, and tourism and marketing grants; * $30 million: resiliency and retrofitting funds for energy-related projects (eg, emergency generators, back up systems); * $25 million: community planning and redevelopment. Program rules, eligibility criteria, application forms, documentation requirements and other guidelines will be forthcoming soon. To a large extent, HUD funds for businesses and residents will be heavily "programmed," with entitlements based upon specific criteria and rules now under development. To a more limited extent, programs will be discretionary. Once the initial HUD funding has rolled out, further rounds of funding for the remaining pool of $11.6 billion will become available. Ann Kayman is the founder and CEO of New York Grant Company, New York, N.Y.