The American Red Cross and the Hurricane Sandy New Jersey Relief Fund announced Wednesday that they are contributing a combined $15.2 million to the RREM Gap Funding Initiative, a new program aimed at helping state homeowners in their post-Sandy rebuilding efforts.
Those eligible for the program have already been awarded reconstruction, rehabilitation, elevation and mitigation grants in communities impacted by Sandy. It offers a maximum grant of $30,000 to help "fill the gap" between funds received through RREM awards and the total costs of rebuilding.
In addition to having received an RREM grant, applicants must also have a total household income of no more than $100,000 and have a need that exceeds the maximum RREM award of $150,000.
The Red Cross put $10 million toward the initiative, while the relief fund contributed a $5.2 million grant. New Jersey Community Capital will administer the program.
"In partnering with the American Red Cross and New Jersey Community Capital on this program, we hope to help as many homeowners as possible obtain access to the federal funds they need to rebuild their homes," Mary Pat Christie, who chairs the Hurricane Sandy New Jersey Relief Fund, said in a statement. "This grant seeks to help New Jersey homeowners fill the gap in total rebuilding costs."
New Jersey Community Capital president Wayne T. Meyer said the program is "another major step towards the recovery of New Jersey."
Tuesday marked the one-year anniversary of Sandy hitting land in New Jersey.