Senate Vote Sends $50 Billion Sandy Recovery to Northeast

By Bill Esler | Posted: 01/28/2013 10:47PM

 

Bill Esler woodworkingnetwork.com   WASHINGTON, DC - The U.S. Senate approved Hurricane Sandy relief totaling $50 billion today. The release of the funds will further ignite the rebuilding and remodeling boom in New Jersey, New York and  Connecticut that is running at five times the pace of other regions. 

The House of Representatives approved the storm relief funds two weeks ago; the Senate acted today.

The disbursement of funds - much of it aimed at rebuilding infrastructure, retaining walls, protective dunes and restoring maritime shipping facilities knocked out by the store - will leave more than $3 billion for residential reconstruction. 

Cabinets & Closets Conference & Expo   Of the $50 billion, a ‘Community Development Fund’ of  $3.85 billion is "to remain available until September 30, 2017, for necessary expenses related to disaster relief, long-term recovery, restoration of infrastructure and housing and economic revitalization in the most impacted and distressed areas resulting from a major disaster declared pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.) due to Hurricane Sandy,” according to the language of the 32-page House bill. Now that it is passed by the Senate, the money should arrive in the area about the time Woodworking Network opens Cabinets & Closets Expo 2013 in Edison, NJ.

The Remodeling Marketing Index issued by the National Assn. of Home Builders last week was above 50 in all four regions of the country. The RMI in the Northeast surged 24 points, mostly as a result of Hurricane Sandy reconstruction.

 

About the Author

Bill Esler, Woodworking Network, WMS

Bill Esler

Bill Esler, Editorial Director, Woodworking Network Bill is responsible for overall content at WoodworkingNetwork.com Woodworking Network magazine, and related newsletters. Bill also manages event programs for Woodworking Network Live conferences at the Woodworking Machinery & Supplies Expo in Toronto and Cabinets & Closets Expo. He developing audience engagement programs using custom digital printing, live lead-generating events, custom websites, and custom digital and print content. Read Bill Esler's woodworking blogs. He can be reached at besler@woodworkingnetwork.com or follow him on Google+.

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