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State Seeks More Than $3 Billion In Private-Sector Loans For Sandy Recovery

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TWC News: State Seeks More Than $3 Billion In Private-Sector Loans For Sandy Recovery
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New York State is looking to secure more than $3 billion in private-sector loans for Hurricane Sandy recovery efforts.

The Department of Financial Services will offer incentives to private banks if they issue loans for Hurricane Sandy rebuilding projects.

The loans go to neighborhoods under the New York Rising Community Reconstruction Program, which focuses on rebuilding that's more resistant to harsh weather and also helps small businesses impacted by the storm get back on their feet.

The action falls under a federal community reinvestment act.

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