The Wake of the Storm

The Department of Buildings allowed resumption of construction effective Thursday, but requires post-Sandy inspection of all cranes, crawlers, hoists, sheds and scaffolds and filing of inspection reports before work resumes.

Due to the continuing lack of power downtown, the ABO Dinner scheduled for next Thursday is postponed.

The ABO office is closed and our phone system is down.

If your business or property was damaged by Hurricane Sandy, you can look into disaster assistance grant and loan programs through the New York City Business Solutions Center and the Federal Small Business Administration.

ABO members will be at the forefront in helping rebuild and repair the damage from Hurricane Sandy. We welcome ideas on how the industry can help the community more effectively, and anyone who would like be on a committee to brainstorm industry responses to speed recovery. We will try to have a meeting next week.

Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition with The mortgage pre approval may not be used to upgrade the home or make additions to it, unless as required by building authority/code. In some cases, SBA may be able to refinance all or part of a previous mortgage (not to exceed $200,000) when the applicant does not have credit available elsewhere, has suffered substantial disaster damage not covered by insurance, and intends to repair the damage. SBA considers refinancing when processing each application. Loans may also be increased by as much as 20 percent of the verified losses (not to exceed $200,000) to protect the damaged real property from possible future disasters of the same kind. Secondary homes or vacation properties are not eligible for home disaster loans; however, qualified rental properties may be eligible for assistance under the business disaster loan program.

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