November 3, 2014
By Neal Tepel
New York, NY – Of the $10.6 billion in anticipated federal money that will flow directly to the New York City government to aid in its response to Superstorm Sandy, as of June 30, $5.6 billion had been awarded or allocated, and only $934 million (or 17 percent of the funds) had actually been delivered to the City, according to a New York Building Congress.
This is despite the fact that the City government has already expended $2.7 billion of New York City taxpayer money on projects and programs that are eligible for federal reimbursement.
While the majority of federal aid will flow through the City government, about $2.8 billion of previously awarded or allocated City aid will be administered by federal and New York State agencies. In all, federal funds of $8.4 billion have been awarded or allocated to New York City residents, businesses, and government entities for Hurricane Sandy recovery and restoration through June 30.
When all federal money flowing directly to New York City and through programs administered by federal and New York State agencies is considered, the City might eventually be awarded more than $15 billion of the $30 billion that was pledged to New York State in the aftermath of Superstorm Sandy.