Mayor John G. Ducey is proud to announce that the Township of Brick has been informed by the Federal Emergency Management Agency (FEMA) that they have fully forgiven the $5 million Community Disaster Loan that was issued in 2013. FEMA had previously rejected a request by the Township to forgive the loan.
“This is great news for the taxpayers of Brick Township,” said Mayor Ducey. “The recovery from Super Storm Sandy has been a long and costly process for our community. The cancellation of the $5 million will remove a significant burden from our taxpayers, many of whom experienced tremendous loss during Sandy.”
FEMA’s evaluation of Brick Township’s request to cancel the Community Disaster Loan showed an operating deficit of $15,010,062 during the time period. The deficit was largely created in the immediate aftermath of Sandy and was due to expenses and loss of tax revenue.
Super Storm Sandy hit New Jersey on October 29, 2012. Brick Township was one of the communities severely impacted by the storm.
Mayor Ducey appreciates FEMA’s reevaluation of the cancellation request. “On behalf of the township and our taxpayers, I would like to thank FEMA for fully forgiving this loan. We did what was necessary after Sandy to start Brick Township on the path to recovery and the Community Disaster Loan was a large part of that. With the loan forgiven, it is one more step in moving forward.”