Connecticut will receive an additional $65 million from the U.S. Department of Housing and Urban Development to bolster its Hurricane Sandy recovery efforts, according to Gov. Dannel Malloy.
The state has now received $500 million in aid over the last year from the federal government to support recovery and relief efforts for support residents, local education systems, small businesses, non-profits and municipalities, Malloy said in an Oct. 28 statement.
HUD had previously provided $71.82 million to help residents, businesses and communities recover and rebuild after the storm. The first allocation was based on unmet needs and applications for individual assistance from the Federal Emergency Management Agency. Malloy said the new funding allocation was distributed based on a formula driven by federal data and statistics detailing unmet need and public assistance, including damage to transportation infrastructure, in the Sandy-affected states.
Projects in Fairfield, New London, New Haven, and Middlesex counties and the Mashantucket Pequot tribal area are eligible for assistance. Eligible expenses are those not covered by insurance, the Federal Emergency Management Agency, or any other sources of funding.
Specific work that is eligible includes structural repair or replacement of damaged property; mitigation assistance to elevate homes and-or reduce the damage from future disasters; and rehabilitation, modification and/or improvements to infrastructure and public facilities to address damage from the storm and to reduce the damage from future disasters.
Moody's Investors Service rates Connecticut's general obligation bonds Aa3, while Standard & Poor's and Fitch Ratings rate them AA.